Sphere Entertainment stock soars 11% after Las Vegas venue opening

Tayfun Coskun | Anadolu Agency | Getty Images
  • Sphere Entertainment's stock soared Monday.
  • The move follows the company's newest venue opening in Las Vegas over the weekend, with a performance from U2.
  • The venue plans to host live concerts and sporting events.

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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