- NDAQ
- SPCX
Key Points
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Nasdaq is benefiting from a strong IPO environment: The company reported $111 billion in first-half IPO fundraising, including $86 billion tied to SpaceX, and a 73% listing win rate. Key pipeline areas include AI infrastructure, semiconductors, data centers, defense, insurance, real estate and biotechnology.
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The company is expanding into digital assets and always-on markets: Nasdaq is developing tokenized settlement with DTCC, invested $100 million in Kraken, acquired an alternative trading system and plans to launch Nasdaq-100 event contracts by year-end.
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Fintech, indexes and shareholder returns are driving growth: Index assets reached $1 trillion, fintech revenue grew 15% and Verafin revenue rose 22%, supported by AI tools and strong customer retention. Nasdaq also repurchased about $900 million of shares and launched a new $200 million–$250 million accelerated buyback program.
Nasdaq (NASDAQ:NDAQ) CFO Sarah Youngwood said the company sees a constructive macroeconomic backdrop, citing investment in artificial intelligence and digital technologies, resilient consumers and corporate earnings that she said are supporting market valuations.
Speaking at a fireside chat with analyst Ben Budish, Youngwood said the environment has supported a strong initial public offering market. Nasdaq recorded what she described as its best first half for IPO fundraising, with $111 billion raised, including $86 billion associated with SpaceX. She said the market is favoring large, mature opportunities while also showing broad activity across sectors.
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Youngwood cited AI infrastructure, semiconductors, data centers, AI models, defense, insurance, real estate and a recovering biotechnology market as areas represented in the IPO pipeline. She said Nasdaq had a 73% listing win rate and hosted seven of the 10 largest operating-company IPOs in the prior quarter.
“People are looking for the association with Nasdaq, the quality of trading of course, but also the innovation and trust that is represented in our brand,” Youngwood said.
Digital liquidity and market infrastructure
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