In a high-profile debut on the New York Stock Exchange earlier this month, Donald Trump Jr.–backed gun retailer GrabAGun made its public entrance under the ticker symbol PEW. Marketed as a modern, mobile-friendly firearms platform and self-described “Amazon of guns,” the company’s IPO has drawn significant attention from both investors and critics. Yet despite its political cachet and loyal customer base, the company’s first days of trading were anything but smooth.
GrabAGun Digital Holdings, which operates as an online retailer of firearms, ammunition, and accessories, aims to simplify the gun-buying experience for consumers nationwide. Orders are placed online and shipped to federally licensed firearm dealers where required background checks are completed. Ammunition and other accessories can be delivered directly to the customer’s door. The platform has marketed itself toward younger, first-time buyers—especially those who may find traditional gun store experiences intimidating. According to its founders, that focus on convenience and accessibility gives GrabAGun a competitive edge.
What sets the company further apart is its political positioning. Backed by Trump Jr., who now sits on the board and holds roughly 1% of company shares, GrabAGun is positioning itself as a key player in the so-called “patriotic parallel economy.” The company leans heavily into conservative values, rejecting corporate “wokeness” and ESG priorities in favor of Second Amendment advocacy. It’s a strategy that may resonate with a core segment of the U.S. consumer base—but also risks alienating broader institutional investors.
On its debut trading day, enthusiasm quickly turned to disappointment. Shares opened at approximately $21.40 but tumbled more than 20% to close around $13.20. Within a week, the stock had plunged as much as 66% from its initial highs, falling below $8 at one point. Analysts attributed the drop to a combination of market skepticism toward SPAC (special purpose acquisition company) mergers, politically-charged branding, and concerns about long-term growth potential. The IPO came via a merger with Colombier Acquisition Corp. II, a SPAC led by financier Omeed Malik, another Trump ally.
Still, the company’s fundamentals may offer a reason for optimism. GrabAGun generated about $93 million in revenue in 2024, with net profits exceeding $4 million in both 2023 and 2024. The funds raised from the IPO—expected to total up to $179 million gross—are slated for platform development, customer acquisition, and expansion of its ecommerce infrastructure. Trump Jr. and Malik remain confident that GrabAGun can become a flagship brand in a growing conservative economy, but for now, its Wall Street performance tells a cautionary tale about mixing politics, firearms, and finance on the public stage.
Whether GrabAGun can rebound and carve out a stable niche remains to be seen. Its early stumbles reflect the risks of ideological branding in a volatile market. But for its supporters, the company represents more than just a business—it’s a cultural statement, and perhaps a glimpse into a new era of commerce built on political identity.
