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.

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

Venture Global Inc. slashed the marketed range for its initial public offering, bringing the potential valuation well below its $110 billion target.