The transaction values the LNG company at $60 billion, instantly making it one of the largest U.S. energy businesses.

Venture Global's IPO represents a test for investor appetite for fossil fuel projects in the Trump administration.

Venture Global launched its initial public offering with a lofty goal: Raise up to $2.3 billion at a $110 billion valuation in the biggest stock-market debut since summer. The market had different plans.