Powerlaw Corp. Surges 131% in Nasdaq Debut on May 27, Opening Near $35 With Multiple Trading Halts

According to Beating, Powerlaw Corp. (ticker: PWRL), a closed-end fund holding SpaceX and OpenAI equity stakes, surged 131.44% to close at $27.68 on its Nasdaq debut on May 27, triggering multiple intraday trading halts. The fund opened at $35.00, nearly tripling from the reference price of $11.96, and touched a session high of $40.00 before closing above the intraday peak in after-hours trading at $28.99.

The stock surge created extreme valuation premium. Based on the fund's reported net assets of $604.1 million as of May 13, the net asset value (NAV) per share stood at only $13.97, meaning the closing price represented a 98.14% premium to actual asset value. Trading volume reached 1.1013 million shares with total volume of $37.149 million, pushing the fund's market cap to $1.197 billion at close. The extreme price divergence reflects market FOMO on the fund's holdings, which include SpaceX equity valued at approximately $117 million and OpenAI stakes worth around $46.9 million.