The opening price soared nearly three times and multiple circuit breakers occurred, with SpaceX and OpenAI holding fund PWRL soaring 131% on the first day According to Beating monitoring, Powerlaw Corp. (stock code: PWRL), a closed-end fund that packages SpaceX and OpenAI equity, was listed on NASDAQ on its first day on May 27th local time. Upon opening, it triggered a multi wheel circuit breaker and ultimately closed up 131.44% at $27.68. On the first day of trading, the fund opened at $35.00, nearly double the exchange reference price of $11.96, and rose to a peak of $40.00 during trading. After hours trading, it continued to rise to $28.99. The sharp rise in stock prices directly leads to extremely high capital premiums for fund trading prices. Based on the reported net assets of $604.1 million on May 13th, Powerlaw's net asset value (NAV) per share is only $13.97. This means that the closing price of $27.68 represents a premium of 98.14% over the true asset value, which is equivalent to retail investors allocating equity in unlisted technology companies in the public market at nearly twice the price. When it reached a high of $40.00 during trading, the asset premium rate was pushed up to 186.33% at one point. On the first day of trading, the trading volume reached 1.1013 million shares, with a total trading volume of 37.149 million US dollars. The total market value of the fund soared to 1.197 billion US dollars at the close. The extreme price divergence reflects the market's FOMO (panic buying) sentiment towards the fund's holdings of top unicorn stocks such as SpaceX (worth approximately $117 million), OpenAI (worth approximately $46.9 million), and Anthropic and xAI. However, due to the fact that nearly 80% of the fund's assets rely on Special Purpose Vehicles (SPVs) for indirect holdings, and are facing a storm of compliance reviews from companies such as Anthropic for violating SPVs, the hidden costs of multi-layered nesting and potential risks of proxy clearance may put pressure on high premium stock prices in subsequent transactions. [Original link]