After opening nearly tripling in value and triggering multiple circuit breakers, the SpaceX and OpenAI holding fund PWRL surged 131% on its first day of trading.

According to Beating's monitoring, Powerlaw Corp. (stock code: PWRL), a closed-end fund holding shares in SpaceX and OpenAI, debuted on Nasdaq on May 27th local time. On its first day of trading, it triggered multiple intraday trading halts due to volatility, ultimately closing up 131.44% at $27.68. The fund opened at $35.00, nearly doubling its exchange reference price of $11.96, and briefly rose to a high of $40.00 during the day, continuing to climb to $28.99 in after-hours trading. This surge in share price resulted in an extremely high premium for the fund. Based on its net assets of $604.1 million reported on May 13th, Powerlaw's effective net asset value (NAV) per share was only $13.97. This means that the closing price of $27.68 represented a 98.14% premium over the true asset value, equivalent to retail investors acquiring equity in unlisted technology companies on the open market at nearly twice the price. During the day, the premium even surged to 186.33% when the price reached a high of $40.00. Trading volume on the first day reached 1.1013 million shares, with a total turnover of $37.149 million, and the fund's total market capitalization soared to $1.197 billion at the close. This extreme price divergence reflects FOMO (fear of missing out) in the market regarding the fund's holdings in top unicorns such as SpaceX (worth approximately $117 million), OpenAI (worth approximately $46.9 million), Anthropic, and xAI. However, since nearly 80% of the fund's assets are indirectly held through special purpose vehicles (SPVs), and it is facing a compliance review storm from companies such as Anthropic targeting non-compliant SPVs, the hidden costs of multi-layered nesting and the potential risk of nominee shareholding liquidation may put pressure on the high premium share price in subsequent transactions.