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.


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.
Expect extreme volatility, lock-up drama, and short interest building in Q2.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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