Nasdaq raised $46.65 billion in 2025, marking the highest capital raised since 2021, with 22 companies transferring listings.
Quiver AI Summary
Nasdaq announced a record-breaking year in 2025, raising $46.65 billion from new listings, the highest since 2021. This included a historic transfer of listings with Walmart among 22 companies moving to Nasdaq, representing a total market value of $1.2 trillion. Notable IPOs included Medline, CoreWeave, and SailPoint, contributing to Nasdaq's leadership in the IPO market and its notable presence in Europe. The company also revealed plans to establish Nasdaq Texas to enhance services and growth opportunities in the state. Nasdaq continues to advocate for regulatory reform while supporting companies in navigating public market challenges.
Potential Positives
- Highest capital raised for new listings since 2021, totaling $46.65 billion.
- Largest exchange transfer in history with 22 companies, including Walmart, transferring their listings to Nasdaq.
- Introduction of Nasdaq Texas, expanding services and growth opportunities in a key market.
Potential Negatives
- Despite the record capital raised, the warnings about forward-looking statements indicate potential risks and uncertainties that could affect future performance.
- The statement emphasizes the challenges and opportunities facing the public market, suggesting there may be underlying issues that need addressing.
- The mention of regulatory reform and advocacy may imply that existing regulations are a concern, necessitating Nasdaq's involvement to address them.
FAQ
What was the total capital raised by Nasdaq in 2025?
Nasdaq raised a total of $46.65 billion from new listings in 2025, marking the highest capital raised since 2021.
Which notable companies transferred to Nasdaq in 2025?
In 2025, notable companies like Walmart transferred their corporate listings to Nasdaq, marking a historic exchange transfer.
What was the largest IPO on Nasdaq in 2025?
The largest IPO on Nasdaq in 2025 was Medline, raising over $6 billion and recognized as the largest healthcare IPO of the year.
What new initiative is Nasdaq launching in Texas?
Nasdaq announced plans to launch Nasdaq Texas, a dual listing venue aimed at expanding services for companies in the state.
How has Nasdaq demonstrated leadership in regulatory reform?
Nasdaq hosted an event with SEC Chairman Paul S. Atkins to discuss public market opportunities and challenges, supporting regulatory reform initiatives.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$NDAQ Insider Trading Activity
$NDAQ insiders have traded $NDAQ stock on the open market 9 times in the past 6 months. Of those trades, 0 have been purchases and 9 have been sales.
Here’s a breakdown of recent trading of $NDAQ stock by insiders over the last 6 months:
- BRADLEY J PETERSON (EVP, CIO) sold 11,508 shares for an estimated $1,022,715
- JEREMY SKULE (EVP, CSO) has made 0 purchases and 5 sales selling 10,525 shares for an estimated $955,354.
- MICHELLE LYNN DALY (SVP, Controller & PAO) sold 8,691 shares for an estimated $812,173
- BRYAN EVERARD SMITH (EVP, CPO) sold 4,633 shares for an estimated $419,610
- CHARLENE T BEGLEY sold 3,000 shares for an estimated $289,800
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$NDAQ Revenue
$NDAQ had revenues of $2B in Q3 2025. This is an increase of 2.94% from the same period in the prior year.
You can track NDAQ financials on Quiver Quantitative's NDAQ stock page.
$NDAQ Congressional Stock Trading
Members of Congress have traded $NDAQ stock 3 times in the past 6 months. Of those trades, 3 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $NDAQ stock by members of Congress over the last 6 months:
- REPRESENTATIVE APRIL MCCLAIN DELANEY has traded it 3 times. They made 3 purchases worth up to $115,000 on 10/22, 10/09, 09/19 and 0 sales.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$NDAQ Hedge Fund Activity
We have seen 555 institutional investors add shares of $NDAQ stock to their portfolio, and 449 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- THOMA BRAVO, L.P. removed 42,804,207 shares (-100.0%) from their portfolio in Q2 2025, for an estimated $3,827,552,189
- JANE STREET GROUP, LLC removed 6,051,447 shares (-84.0%) from their portfolio in Q3 2025, for an estimated $535,250,487
- VANGUARD GROUP INC added 3,848,406 shares (+6.9%) to their portfolio in Q3 2025, for an estimated $340,391,510
- BLACKROCK, INC. added 3,083,656 shares (+8.3%) to their portfolio in Q3 2025, for an estimated $272,749,373
- UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC added 2,470,201 shares (+53.8%) to their portfolio in Q3 2025, for an estimated $218,489,278
- HARRIS ASSOCIATES L P removed 1,866,321 shares (-24.0%) from their portfolio in Q3 2025, for an estimated $165,076,092
- SELECT EQUITY GROUP, L.P. added 1,737,608 shares (+140.9%) to their portfolio in Q3 2025, for an estimated $153,691,427
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$NDAQ Analyst Ratings
Wall Street analysts have issued reports on $NDAQ in the last several months. We have seen 9 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Morgan Stanley issued a "Overweight" rating on 11/20/2025
- Barclays issued a "Overweight" rating on 10/22/2025
- Keefe, Bruyette & Woods issued a "Outperform" rating on 07/25/2025
- UBS issued a "Buy" rating on 07/25/2025
- Deutsche Bank issued a "Buy" rating on 07/25/2025
- RBC Capital issued a "Outperform" rating on 07/25/2025
- Piper Sandler issued a "Overweight" rating on 07/15/2025
To track analyst ratings and price targets for $NDAQ, check out Quiver Quantitative's $NDAQ forecast page.
$NDAQ Price Targets
Multiple analysts have issued price targets for $NDAQ recently. We have seen 11 analysts offer price targets for $NDAQ in the last 6 months, with a median target of $104.0.
Here are some recent targets:
- Benjamin Budish from Barclays set a target price of $114.0 on 12/12/2025
- Michael Cyprys from Morgan Stanley set a target price of $110.0 on 11/20/2025
- Bill Katz from TD Cowen set a target price of $96.0 on 10/22/2025
- Patrick O'Shaughnessy from Raymond James set a target price of $100.0 on 10/13/2025
- Richard Repetto from Piper Sandler set a target price of $104.0 on 08/04/2025
- Brian Bedell from Deutsche Bank set a target price of $105.0 on 07/25/2025
- Ashish Sabadra from RBC Capital set a target price of $108.0 on 07/25/2025
Full Release
Largest Exchange Transfer in History & Biggest IPO of the Year
Highest Capital Raised Since 2021 - $46.65 Billion Raised
NEW YORK, Dec. 18, 2025 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) announced today that in 2025 it raised a total of $46.65 billion from new listings, marking the strongest year for capital raise since 2021. In addition, 22 companies transferred their corporate listings to Nasdaq in 2025 including Walmart, the largest exchange transfer in history. Since 2005, companies transferring their listing to Nasdaq have represented more than $4 trillion in total market value.
“2025 marked a meaningful resurgence for the public markets. Companies at every stage continue to choose Nasdaq because of our unmatched global visibility and our long-term commitment to innovation, transparency and growth,” said Jeff Thomas, Executive Vice President, Global Head of Listings at Nasdaq. “Public markets remain the cornerstone of the American economy, and we are focused on helping companies navigate an evolving landscape. We look forward to building on this momentum and driving continued growth in 2026.”
A video accompanying this announcement is available at: https://vimeo.com/nasdaq/2025listings
2025 NASDAQ LISTINGS HIGHLIGHTS
- IPO Market Leadership : Nasdaq raised $46.65 billion in 2025 from new listings - the highest volume of capital raised since 2021. Marquee listings included Medline (the largest overall IPO and healthcare IPO of the year, raising over $6 billion), CoreWeave (the largest AI IPO of the year), and SailPoint (the largest enterprise software IPO of the year). The listings success was further reflected in Nasdaq’s European markets, which have been responsible for over half of all capital raised in Europe in 2025, including the public debut of Verisure, Europe’s largest IPO since 2022.
- Exchange of Choice for Listing Transfers : 22 companies transferred their corporate listing to Nasdaq in 2025, totaling $1.2 trillion in market value, including Walmart, the largest exchange transfer in history. Since 2005, Nasdaq has attracted more than 500 listing transfers representing over $4 trillion in market value.
- Deepened Commitment to Texas : Nasdaq announced plans to launch Nasdaq Texas, a dual listing venue designed to expand Nasdaq’s services for companies across the state while bringing new growth opportunities to U.S. investors. Nasdaq partners with 800 clients in Texas and is home to over 200 listed companies headquartered in the state, representing over $2 trillion in market capitalization.
- Leadership in Regulatory Reform: Building on its work in revitalizing public market policy, Nasdaq convened leaders from the public and private market ecosystem and hosted an event with SEC Chairman, Paul S. Atkins to discuss opportunities and challenges facing the public market. These efforts continue to be guided by Nasdaq’s advocacy white paper and work focused on advancing smart regulatory reform and modernizing market structures that foster capital formation.
About Nasdaq:
Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at
www.nasdaq.com
Nasdaq Media Contact
| Sophia Weiss | |
| (646) 483-6960 | |
| [email protected] | |
-NDAQG-
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such “will,” “plans,” “expects,” “may,” “believe” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements about the Company’s growth strategy and market expectations, products and services, ability to enhance or innovate new ways for companies to join the public markets, and other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties, or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
