Airbnb is worth more than the 3 largest hotel chains combined after its stock popped 143% on its first day of trading

• Airbnb was worth more than the three largest hotel chains globally after its trading debut on Thursday.
• Airbnb's share price closed at $144.71, giving it a valuation of $86.5 billion — Marriott, Hilton, and Intercontinental were worth $84.1 billion combined when the markets closed Thursday.
• After a long awaited and uncertain road to its IPO, Airbnb's stock on Thursday traded as high as $4 of $68 per share.
• But some strategists warned the massive debut rallies of Airbnb and $4 this week suggest the IPO market is approaching $4

Airbnb's stock soared on Thursday in its highly anticipated public market debut, closing at $144.71 per share, more than double its initial offering of $68 per share.

That price also gives the short-term rental giant an approximately $86.5 billion valuation. Or, more than the combined market capitalization of the top three hotel chains globally: Hilton Worldwide Holdings, Marriott International, and Intercontinental Hotels Group, which were together worth $84.1 billion when the markets closed Thursday.

Airbnb also surpassed its largest rival among online travel agencies, or OTAs: Booking.com closed at $86.2 billion on Thursday.

Airbnb's private valuation fluctuated dramatically this year, $4 as the COVID-19 pandemic devastated its business, forcing the company to $4 and raise more than $2 billion in debt and equity financing, and even calling the timing of its IPO into question.

But after announcing a surprise $219.3 million Q3 profit when it $4 earlier this month and $4, Airbnb's stock traded as high as $165, roughly 143% of its initial asking price of $68.

Read more: Airbnb has navigated the pandemic better than its rivals - but the company's uncertain future depends heavily on forces beyond its control>$4

Airbnb's successful opening day comes amid a broader tech IPO frenzy this year despite massive economic fallout from the pandemic. On Wednesday, DoorDash and C3.ai posted $4 and $4, respectively. And in September, Snowflake completed the largest software-technology IPO in history with a 258% surge and $4.

But top strategists said the massive debut rallies of Airbnb and DoorDash revealed an unsustainable optimism in the markets.

Paul Schatz, president and chief investment officer of Heritage Capital, told $4 the rallies showed "euphoria and greed" that's likely not been seen in the stock market since the dot-com bubble of the late 1990s.

"It's silly season," Rich Steinberg, chief market strategist at The Colony Group, told Winck. "Investors need to distinguish the difference between a great company and a great price or value."

Still, Airbnb's IPO was a huge boon for its three cofounders, who are now $4, as well $4 and $4.