Conservative media outlet Newsmax Inc. is having a meme-stock moment, with shares surging 1,160% since its debut as a public company on Monday.

The stock opened up another 51% at $125.98 apiece on Tuesday, building on a 735% surge in its debut session which saw the shares halted multiple times. The gains give the company a market value of more than $16 billion based on the outstanding shares listed in a US Securities and Exchange Commission filing.