Surging nearly threefold at the opening and triggering multiple trading halts, SpaceX and OpenAI's holding fund PWRL skyrocketed 131% on its first day of trading.

According to Insight OneMillion's monitoring, Powerlaw Corp. (stock code: PWRL), a closed-end fund bundling SpaceX and OpenAI shares, debuted on Nasdaq on May 27th with a listing price trigger that immediately halted trading multiple times due to volatility, ultimately closing up 131.44% at $27.68. On its first day of trading, the fund opened at $35.00, nearly doubling from the reference price of $11.96, reaching a high of $40.00 intraday, and continuing to rise to $28.99 in after-hours trading.

The significant surge in stock price directly led to an extremely high premium over the fund's net asset value. Based on the reported net asset value of $6.041 billion on May 13th, Powerlaw's actual net asset value (NAV) per share was only $13.97. This means that the closing price of $27.68 was a premium of 98.14% over the true asset value, indicating that retail investors were buying stakes in pre-IPO tech companies at nearly twice the price on the open market. At the intraday high of $40.00, the asset premium rate was briefly pushed up to 186.33%.

The first day's trading volume reached 1.1013 million shares, with a total daily trading volume of $37.149 million, pushing the fund's total market value to $1.197 billion at the close. The extreme price dislocation reflects the market's FOMO (fear of missing out) sentiment on the fund's holdings of SpaceX (equity value of about $117 million), OpenAI (equity value of about $46.9 million), as well as top unicorn equity holdings like Anthropic and xAI. However, as the fund relies on special purpose vehicles (SPVs) for close to 80% of its assets and is currently facing compliance scrutiny over the SPVs holding companies like Anthropic, the multi-layered hidden costs and potential risk of forced divestment of held positions may put pressure on the highly overpriced stock in future trading.