Newsmax had its first trading session on the New York Stock Exchange on Monday following its IPO and saw its share prices soar more than 700%.
The company got a value of $10.7 billion, marking the largest surge of any company in three years.
Newsmax’s growth has been fueled by its conservative audience, particularly with the rise of Republican President Donald Trump and right-wing politics.
CEO Christopher Ruddy says the network could compete against Fox News in the center-right market.
Despite its success, Newsmax’s viewership is still far below Fox but ranks in the top 20 for cable networks.
The company has also expanded its revenue model, securing licensing fees from TV providers after an earlier advertising-driven approach.