Nasdaq Welcomes 142 IPOs in the First Half of 2025
Rhea-AI Summary
Nasdaq (Nasdaq: NDAQ) reported strong listing activity in the first half of 2025, welcoming 142 Initial Public Offerings (IPOs) that raised a total of $19.2 billion. The exchange demonstrated market dominance with an 86% win rate of eligible U.S. listings, comprising 83 operating companies and 59 SPACs.
Notable achievements include attracting the year's largest tech IPO (CoreWeave), securing 11 corporate listing transfers worth $271 billion in market value, and maintaining leadership in consumer (100% win-rate) and healthcare (89% win-rate) sectors. The exchange also dominated the SPAC market, capturing 94% of eligible SPAC IPOs which raised $10.6 billion.
Significant transfers included Shopify with a $123 billion market cap and Kimberly-Clark. The exchange crossed a milestone of $3 trillion in total market value transferred since 2005, marking 46 consecutive quarters of market leadership.
Positive
- None.
Negative
- Noted increasing regulatory burden for companies going public or remaining public
- Highlighted need for regulatory reform due to cumbersome public listing process
News Market Reaction
On the day this news was published, NDAQ declined 0.54%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Highest volume of listings and capital raise in the first half of the year since 2021
Maintained leadership in switches - crossed
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
“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, welcoming94% 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 | |
| Sophia Weiss (646) 483-6960 Sophia.weiss@nasdaq.com | |
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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.
FAQ
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