Sphere Entertainment stock jumps after U2 performs at Las Vegas venue

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The Sphere is seen during its opening night with the U2:UV Achtung Baby Live concert at the Venetian Resort in Las Vegas on Sept. 29, 2023.

Tayfun Coskun | Anadolu Agency | Getty Images

Sphere Entertainment shares soared 11% Monday following the successful opening weekend of the company’s new Las Vegas venue.

The entertainment and media company, a pet project of New York Knicks owner James Dolan, paired its venue opening with a performance from rock band U2 on both Saturday and Sunday night. The Sphere plans to host live concerts and sporting events.

Fans took to social media to share their excitement at the performances, which appeared to have a big turnout.

Sphere calls itself a “next-generation entertainment medium” that aims to bring a fresh take to live entertainment, fit with a futuristic dome-shaped arena and wall-to-wall video screens. The Las Vegas venue is the company’s first opening.

The company has also announced plans to build another Sphere in London, pending approvals.

The company’s market cap sits at about $1.4 billion.

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