Deadpool just helped take a company public—and Wall Street is absolutely here for it.
Connected TV advertising platform MNTN Inc. watched its shares skyrocket more than 48% during its first day of trading Thursday, with the company's stock jumping from its initial $16 per share to a whopping $23.72. That performance gave the firm a market value of $1.8 billion—or roughly $2.4 billion when fully diluted.
Let's be honest: this isn't your typical IPO story. I mean, how many companies can claim their pitch to bankers was delivered by Ryan Reynolds, who serves as MNTN's chief creative officer? But the numbers speak for themselves. The offering, which raised $187 million, was apparently oversubscribed by 14 times, according to MNTN CEO Mark Douglas.
What's really happening here? A company that basically helps small businesses place ads on streaming platforms has Wall Street tripping over itself to get a piece of the action. Having covered tech IPOs since the pandemic boom-and-bust cycle, I can tell you this level of enthusiasm hasn't been common lately.
The MNTN phenomenon sits at this fascinating crossroads where several powerful currents meet—the streaming revolution, advertising's democratization, and celebrity business ventures that actually add value. But scratch beneath the surface, and you'll find something even more compelling.
TV advertising, for literally decades, has been this exclusive club where only the big boys with seven-figure marketing budgets could play. Digital advertising opened some doors for smaller players, sure, but mostly in the realms of social media and search. What MNTN has apparently figured out—and here's the brilliant part—is how to help those small and medium-sized businesses advertise on actual television. Well, streaming television, but you get my drift.
The company claims (and this is staggering if true) that 96% of its customers have never advertised on TV before. That's not just a neat factoid for investor presentations; it's the entire ballgame. When you're not fighting for market share but actually creating the market itself... that's the corporate equivalent of finding an untapped oil field in your backyard.
Now, the financials tell a more nuanced story. MNTN lost $21.1 million on $64.5 million in revenue during Q1 2025. That's... not insignificant red ink. But Wall Street is clearly betting on trajectory over current profitability. With revenue climbing about 47% year-over-year, investors seem willing to overlook the bottom line—for now.
You can't discount the Reynolds factor here. Celebrity business ventures have evolved dramatically from the old "famous face on a product" playbook. Reynolds has established himself as something of a business savant with previous ventures like Aviation Gin (sold to Diageo for up to $610 million) and Mint Mobile (acquired by T-Mobile for $1.35 billion). The man doesn't just endorse; he genuinely appears to add creative and strategic value.
Interestingly—and this caught my attention in the filings—MNTN has restructured its relationship with Maximum Effort, Reynolds' creative agency which it acquired back in 2021. The company transferred its interest back to an affiliate of the original owner, instead entering a new contract for creative services. This suggests they're refining the relationship while keeping access to that Reynolds magic.
The timing couldn't be better for this IPO. We're witnessing something of a modest rebound in the new issues market after what felt like an ice age. Health-care technology company Hinge Health also went public the same day, raising $437 million. Both priced at the top of their ranges, suggesting institutional investors might finally be getting hungry again for fresh opportunities.
For small advertisers, what MNTN represents is a kind of liberation. Think about it—social platforms have become increasingly crowded and expensive, while traditional TV remained this distant dream. By building technology that makes streaming TV accessible to the little guys, MNTN identified a genuine pain point in the market.
But—and there's always a but—can they build a sustainable moat? The technology to help businesses advertise on streaming platforms isn't necessarily proprietary or impossible to replicate. Their advantage seems to lie in being first movers, along with their partnerships with streaming heavyweights like Disney, Paramount, and NBC. And yes, the Reynolds connection doesn't hurt.
From an investor perspective, the bet is that MNTN can maintain its growth trajectory as streaming continues expanding and more small businesses discover the platform. It's plausible, even with those current losses. Though at this valuation... a lot needs to go right in the coming years.
One thing seems certain: Ryan Reynolds just added another business win to his increasingly impressive portfolio. And Wall Street, apparently, is just as susceptible to his charm as moviegoers have been for years.
I wouldn't bet against him. Would you?
