Nasdaq Solidifies Lead Over NYSE in First‑Half IPO Bonanza

1 July 2025

Photo: Chime/X

Nasdaq asserted its dominance in the U.S. capital markets during the first half of 2025, outpacing the New York Stock Exchange by a wide margin. Listings on Nasdaq including SPACs raised an impressive $21.3 billion, compared to $8.7 billion on NYSE. When isolating traditional IPOs, Nasdaq hosted 79 listings that generated $9 billion, while NYSE recorded just 15 IPOs with $7.8 billion raised.

The early months of 2025 had resembled a “pencils down” phase, marked by volatile trade policies and a cautious investor climate throughout April. Yet a renewed sense of optimism surfaced in May, reviving IPO pipelines and driving companies like CoreWeave and Chime to pursue public listings with vigor. Their blockbuster debuts CoreWeave at $1.5 billion and Chime at $1.38 billion served as catalysts, reigniting IPO momentum.

Nasdaq’s streak is nothing new; this victory extends a nearly decade-long trend in outperforming NYSE. The exchange has outpaced its rival in IPO activity for six consecutive years. This sustained leadership reflects Nasdaq’s appeal among tech-focused and growth-oriented firms, and is increasingly relevant as capital markets vie to attract international listings.

Strategic company transfers added to Nasdaq’s momentum. High-profile shifts included Kimberly‑Clark and Thomson Reuters, whose combined moves injected an additional $271.4 billion into Nasdaq-listed market capitalization Nasdaq’s most substantial midyear migration since 2006. These transfers underscored Nasdaq’s growing pull amid a rapidly evolving financial ecosystem.

Nasdaq’s appeal lies partly in its flagship index, the Nasdaq‑100. Inclusion in this index offers visibility and investor interest, especially for technology-heavy companies. The index’s roughly 8% gain year-to-date, outpacing the 5.5% rise in the broader S&P 500, was cited as a key reason why companies chose to switch venues.

Yet competition is intensifying. NYSE remains relevant, securing major IPOs such as Venture Global’s $1.75 billion share sale. Its global head of capital markets acknowledged that the pace of listings and associated fee income will depend heavily on how the remainder of the year unfolds.

Nasdaq President Nelson Griggs described the IPO surge as a market revival. He suggested that if current momentum continues, the fall could see another wave of activity. Both exchanges are competing intensely, and U.S. equity markets may appear more attractive compared to singular listing venues like Hong Kong or London.

Looking ahead, the second half of 2025 promises additional high-profile listings, with Medline and Figma among those preparing to launch later in the year. Their entries may set the tone for the rest of the year, potentially reinforcing Nasdaq’s lead or providing NYSE a chance to respond.

Overall, Nasdaq’s strong performance across IPOs and strategic transfers reflects broader structural trends in U.S. capital markets. An evolving landscape of investor demand, especially for tech-savvy entrants, suggests continued portfolio shifts toward platforms offering growth-stage visibility. The calendar through year-end will reveal whether Nasdaq can maintain this leadership or if NYSE can stage a rebound.