The fallout for Venture Global Inc., in the wake of a troubled initial public offering, accelerated amid a market selloff that sapped $12 billion from its valuation on debut.

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.