Nasdaq Maintains Over a Decade of Listings Leadership in 2025
Rhea-AI Summary
Nasdaq (Nasdaq: NDAQ) reported a strong 2025 for listings, raising $46.65 billion from new listings—the highest capital raise since 2021. Nasdaq said 22 companies transferred listings in 2025 totaling $1.2 trillion in market value, including Walmart as the largest exchange transfer in history. Marquee IPOs included Medline (over $6 billion), CoreWeave and SailPoint. Nasdaq highlighted European market strength (over half of Europe’s 2025 capital raised), a long-term track record of $4 trillion+ in transfer market value since 2005, and plans to launch Nasdaq Texas to deepen regional services.
Positive
- Capital raised of $46.65 billion in 2025
- 22 listing transfers totaling $1.2 trillion in 2025
- Medline IPO raised > $6 billion
- Over $4 trillion cumulative transfer market value since 2005
- Plans to launch Nasdaq Texas expanding regional services
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, NDAQ gained 1.07%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Ahead of this news, NDAQ gained 0.84% while key peers MSCI, ICE, MCO, and CME also rose between 0.14% and 1.78%, and COIN declined 4.16%, indicating mixed, stock-specific moves rather than a unified sector trend.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 15 | Debt tender pricing | Neutral | -0.7% | Detailed pricing and caps for 2028 and 2052 senior note tender offers. |
| Dec 15 | Debt tender results | Neutral | -0.7% | Early results of tender offers, cap increases and removal of payment limit. |
| Dec 12 | Index reconstitution | Neutral | -0.7% | Annual Nasdaq-100 changes impacting constituents and linked products. |
| Dec 09 | Short interest update | Positive | +1.3% | Reported higher aggregate short interest and days-to-cover metrics. |
| Dec 09 | Major listing transfer | Positive | +1.0% | Walmart completed transfer of its listing and began trading on Nasdaq. |
Recent news has focused on index changes, debt tender activity, and major client listings, with price reactions generally modest and tilting slightly negative around debt tenders and positive around index/partner updates.
Over recent months, Nasdaq reported Q3 2025 results with higher revenues and operating income, continued debt management via cash tender offers for 2028 and 2052 notes, and several insider sales. Operationally, it announced annual Nasdaq-100 index changes and highlighted Walmart’s transfer to Nasdaq on Dec 9, 2025. Short interest statistics across all Nasdaq securities were also updated. Today’s 2025 listings leadership release builds on that narrative of capital formation strength and marquee transfers such as Walmart, reinforcing Nasdaq’s role as a leading listing venue.
Market Pulse Summary
This announcement underscores Nasdaq’s listings strength in 2025, with $46.65 billion raised from new listings, 22 corporate transfers totaling $1.2 trillion in value, and marquee IPOs such as Medline. It complements recent updates on index reconstitution, short interest statistics, and Walmart’s move to Nasdaq. Investors may monitor how initiatives like Nasdaq Texas and continued transfer momentum influence future listing volumes and whether capital-raising levels remain comparable beyond 2025.
Jargon Translator
AI-generated analysis. Not financial advice.
Largest Exchange Transfer in History & Biggest IPO of the Year
Highest Capital Raised Since 2021 -
NEW YORK, Dec. 18, 2025 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) announced today that in 2025 it raised a total of
“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 | |
| Sophia.weiss@nasdaq.com | |
-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.
FAQ
How much capital did Nasdaq (NDAQ) raise from new listings in 2025?
Which company was the largest exchange transfer to Nasdaq in 2025 (NDAQ)?
How many companies transferred listings to Nasdaq (NDAQ) in 2025 and what was the market value?
What was Nasdaq's largest IPO in 2025 and how much did it raise?
What is Nasdaq Texas and why did Nasdaq (NDAQ) announce it in 2025?
How has Nasdaq (NDAQ) performed in Europe for 2025 listings?
