Nasdaq reports record IPOs and capital raise in 2025's first half, maintaining leadership in U.S. listings and market value.
Quiver AI Summary
Nasdaq announced strong performance in the first half of 2025, marking the highest volume of listings and capital raised since 2021, with 142 IPOs generating $19.2 billion. This includes a successful win-rate of 86% for Nasdaq-eligible listings, extending its market leadership to 46 consecutive quarters. Notable companies listed this period include CoreWeave, Chime, and Galaxy Digital. Nasdaq also facilitated 11 corporate transfers, exceeding $3 trillion in total market value from such transfers since 2005. The firm emphasized the importance of smart regulatory reforms to enhance the public market environment, aiming to aid capital formation and provide better opportunities for public companies. Nasdaq's continued leadership in consumer and healthcare IPOs was highlighted, and the first half saw a notable uptick in the Nasdaq IPO Pulse Index, signifying promising future activity.
Potential Positives
- Achieved the highest volume of listings and capital raise in the first half of the year since 2021, welcoming 142 IPOs and raising $19.2 billion.
- Maintained a leading position in the market with an 86% win-rate of Nasdaq-eligible listings in the U.S., extending leadership for 46 consecutive quarters.
- Successfully transferred $271 billion in corporate listings, including significant transfers from Shopify and Kimberly-Clark, enhancing Nasdaq's reputation as the exchange of choice for companies switching listings.
- Championed smart regulatory reforms aimed at improving the public markets, which could foster greater capital formation and economic opportunities for Americans.
Potential Negatives
- Despite the positive key metrics, the reliance on SPAC listings may indicate market volatility and potential regulatory scrutiny, as SPACs have faced increasing skepticism and regulatory review in recent years.
- The cautionary note regarding forward-looking statements emphasizes the uncertainties and risks involved in Nasdaq's growth strategy, which could signal a lack of guaranteed stability in future performance.
- There is a reference to the cumbersome process for companies to go public or remain listed, suggesting systemic issues within the current regulatory environment that could hinder Nasdaq's attractiveness as a listing venue.
FAQ
What were Nasdaq's listing numbers in the first half of 2025?
In the first half of 2025, Nasdaq welcomed 142 listings, raising a total of $19.2 billion.
How has Nasdaq maintained its leadership in the U.S. listings market?
Nasdaq has recorded an 86% win-rate for eligible listings, extending its leadership for 46 consecutive quarters.
What notable companies listed on Nasdaq in 2025?
Key listings included CoreWeave, Chime, and Galaxy Digital, marking significant entries in technology and fintech sectors.
What reforms is Nasdaq advocating for public companies?
Nasdaq is championing smart regulatory reforms to simplify the public company landscape and enhance capital formation.
How is Nasdaq performing in the SPAC market?
Nasdaq welcomed 20 SPAC business combinations with a 95% win-rate, capturing 94% of all eligible SPAC IPOs.
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 Congressional Stock Trading
Members of Congress have traded $NDAQ stock 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $NDAQ stock by members of Congress over the last 6 months:
- REPRESENTATIVE JEFFERSON SHREVE sold up to $50,000 on 05/12.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$NDAQ Insider Trading Activity
$NDAQ insiders have traded $NDAQ stock on the open market 12 times in the past 6 months. Of those trades, 0 have been purchases and 12 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) has made 0 purchases and 2 sales selling 19,364 shares for an estimated $1,535,544.
- SARAH YOUNGWOOD (Executive Vice President) sold 14,959 shares for an estimated $1,102,179
- COHEN TAL (President, Market Platforms) sold 8,955 shares for an estimated $749,981
- PC NELSON GRIGGS (Pres. Capital Access Platforms) has made 0 purchases and 2 sales selling 8,000 shares for an estimated $664,240.
- BRYAN EVERARD SMITH (EVP, CPO) has made 0 purchases and 4 sales selling 7,289 shares for an estimated $569,717.
- JEREMY SKULE (EVP, CSO) has made 0 purchases and 2 sales selling 2,106 shares for an estimated $173,534.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$NDAQ Hedge Fund Activity
We have seen 503 institutional investors add shares of $NDAQ stock to their portfolio, and 415 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BANK OF AMERICA CORP /DE/ added 2,343,908 shares (+48.3%) to their portfolio in Q1 2025, for an estimated $177,808,860
- BAIN CAPITAL PUBLIC EQUITY MANAGEMENT II, LLC removed 2,321,147 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $179,447,874
- WELLINGTON MANAGEMENT GROUP LLP removed 2,227,056 shares (-6.4%) from their portfolio in Q1 2025, for an estimated $168,944,468
- INVESCO LTD. added 1,592,057 shares (+40.8%) to their portfolio in Q1 2025, for an estimated $120,773,444
- DIAMOND HILL CAPITAL MANAGEMENT INC removed 1,400,678 shares (-34.0%) from their portfolio in Q1 2025, for an estimated $106,255,433
- UBS GROUP AG added 1,082,115 shares (+29.5%) to their portfolio in Q1 2025, for an estimated $82,089,243
- MASSACHUSETTS FINANCIAL SERVICES CO /MA/ added 993,553 shares (+5.1%) to their portfolio in Q1 2025, for an estimated $75,370,930
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 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Oppenheimer issued a "Outperform" rating on 06/17/2025
- Raymond James issued a "Outperform" rating on 01/09/2025
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 2 analysts offer price targets for $NDAQ in the last 6 months, with a median target of $90.0.
Here are some recent targets:
- Owen Lau from Oppenheimer set a target price of $96.0 on 06/17/2025
- Patrick O'Shaughnessy from Raymond James set a target price of $84.0 on 01/09/2025
Full Release
Highest volume of listings and capital raise in the first half of the year since 2021
Maintained leadership in switches - crossed $3 trillion in market value transferred since 2005
Driving smart policy reforms to improve regulatory processes for public companies
NEW YORK, July 01, 2025 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) announced today that in the first half of 2025, it welcomed 142 listings (IPOs), raising a total of $19.2 billion. A total of 83 operating companies and 59 SPACs listed on Nasdaq during the first six months of 2025, representing an 86% win-rate of Nasdaq-eligible listings in the U.S. market, and extending Nasdaq’s leadership to 46 consecutive quarters. In addition to the IPOs, 11 companies transferred their corporate listings to Nasdaq, crossing the threshold of $3 trillion in total market value from exchange transfers since 2005.
“The first half of the year has seen an impressive volume and roster of companies coming to market, with Nasdaq cementing its position as home to innovative brands across sectors including financial technology, digital assets, and biotech. Nasdaq’s client-first value proposition continues to attract companies via new listings and exchange transfers, a testament to our ability to support at all stages of a company’s lifecycle.” said Jeff Thomas, Executive Vice President, Chief Revenue Officer and Global Head of Listings at Nasdaq. “For the first time this year, the Nasdaq IPO Pulse Index ticked upwards, following higher returns, valuations, and encouraging conditions for listing. We’re looking forward to promising activity in the months ahead.”
A video accompanying this announcement is available at: https://vimeo.com/nasdaq/2025listinghighlights
2025 FIRST HALF NASDAQ U.S. LISTINGS HIGHLIGHTS
- U.S. listings market leadership : Year-to-date, Nasdaq welcomed 142 IPOs, raising $19.2 billion. Marquee listings include the largest technology IPO of the year, CoreWeave, fintech powerhouse, Chime, and digital asset leader, Galaxy Digital. This is the highest volume of listings and capital raise on Nasdaq in the first half of the year since 2021.
- Exchange of choice for switches : In the first half of 2025, 11 companies transferred their corporate listing to Nasdaq, totaling $271 billion and including Shopify, the largest exchange transfer so far this year, representing $123 billion in market cap, as well as leading consumer-goods brand, Kimberly-Clark.
- Leading U.S. exchange for consumer and healthcare IPOs : Nasdaq maintained its strong track records for consumer (100% win-rate) and healthcare (89% win-rate), with sector-defining listings including Smithfield Foods and Metsera, a GLP-1 developer.
- Helping companies join the public markets via SPACs : A total of 20 SPAC business combinations also listed in the first 6 months of 2025, representing an 95%-win rate in the U.S. Further, Nasdaq continued its influence in the SPAC market, welcoming 94% of all eligible SPAC IPOs, raising $10.6 billion and including the largest SPAC listing of the year with Churchill Capital Corp X.
- Championing smart regulatory reform to encourage capital formation : To enhance the current operating environment for public companies and drive capital formation, Nasdaq recently published a new white paper calling for regulatory reform to strengthen the capital markets. Public markets help many Americans secure their economic future through retirement accounts and investments, yet it has become increasingly cumbersome for companies to go public or remain public. There is a critical need to build and protect the markets, modernize the regulatory environment in which it operates, and restore their essential role in wealth creation for all Americans.
- Major Nasdaq listing anniversaries : Nasdaq celebrated the listing anniversaries of Huntington Bancshares Inc (40 years), Cisco Systems, Inc. (35 years), Autodesk Inc. (30 years), DexCom, Inc. (20 years), PayPal Holdings, Inc. (10 years), as well as the first-year listing anniversary of Waystar.
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 | |
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Sophia Weiss
(646) 483-6960 [email protected] |
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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.
