Newsmax Soars 2200% After IPO — Who owns Newsmax, Valuation, Forecast

Newsmax — the conservative media outlet founded by Christopher Ruddy — has exploded onto public markets, surging over 2200% since its IPO. The stock, initially priced at $10, now trades north of $212, putting its market cap above $25 billion.

But beneath the price chart is a media company that lost $72M last year and generated $171M in revenue — making the current valuation over 150x sales.

What Is Newsmax?

Founded in 1998 by former journalist Christopher Ruddy, Newsmax started as a right-leaning digital news platform. It’s now a full-fledged media network, reaching over 40 million Americans monthly via its cable channel, Newsmax2, and mobile app.

Ruddy — who holds a Master’s from LSE — was once a correspondent for the New York Post and Pittsburgh Tribune-Review. He still owns a majority of Newsmax.

The IPO That Ignited a Meme Frenzy

IPO price: $10
Day 1 close: $83.51 (+735%)
Current price (when this article was written): ~$232
Valuation: $25B+

Retail traders piled in, likely drawn by the Trump-era media angle, low float, and meme momentum.

But this isn’t FOX or Warner Bros. Discovery. It’s a niche outlet with heavy losses and a narrow demographic.

How Newsmax makes and spends money Based on latest reported earnings on an LTM basis

What the Numbers Say

2024 revenue: $171M
2024 net loss: $72.2M
Revenue multiple: ~150x
Peers like Fox and Warner Bros. Discovery trade at 1.5–2x revenue

Forecast: More Volatility Ahead

Analysts see this as a textbook meme valuation spike, warning of downside if fundamentals don’t catch up. Unless Newsmax pivots hard into streaming, partnerships, or M&A, holding $25B+ without the earnings to match is a stretch.