Nasdaq prevails over NYSE in first-half listings, buoyed by blockbuster IPOs

Nasdaq significantly outperformed the New York Stock Exchange in first-half 2025 stock market listings, raising $21.3 billion, largely driven by blockbuster IPOs like CoreWeave and Chime, compared to NYSE's $8.7 billion. This performance, which includes Nasdaq attracting $271.4 billion in market value from 10 high-profile company transfers from NYSE, solidifies Nasdaq's long-standing lead in IPO rankings and signals a robust rebound in capital markets activity after a two-year lull. Executives anticipate continued strong listing momentum into the second half of the year, underscoring renewed investor confidence and a competitive U.S. capital market environment.

Analysis

Nasdaq (NDAQ) demonstrated significant market share gains over the New York Stock Exchange (ICE) in the first half of 2025, securing $21.3 billion in total listing proceeds compared to NYSE's $8.7 billion. This performance, reversing last year's trend where NYSE led, was fueled by a high volume of traditional IPOs (79 deals raising $9 billion) and a resurgence in SPAC activity. While NYSE attracted the single largest IPO of the year—Venture Global's (VG.N) $1.75 billion offering—Nasdaq's strategic success is further underscored by a record-setting half for listing transfers, attracting 10 companies from the NYSE with a combined market capitalization of $271.4 billion. A key driver for these transfers is the appeal of the Nasdaq-100 index, which has outperformed the S&P 500 year-to-date by approximately 250 basis points (8% vs. 5.5%). The overall revival in capital markets activity, evidenced by major indices hitting record highs after an April selloff, has created a favorable environment, with executives from both exchanges anticipating a strong pipeline for the remainder of the year.

Key Decisions for Investors

• Given Nasdaq's (NDAQ) clear dominance in H1 listings and its success in attracting high-value transfers from NYSE (ICE), investors should assess the long-term competitive positioning and relative valuation of the two exchange operators.
• The reopening IPO market presents opportunities, but investors should closely monitor the post-listing performance of recent blockbuster IPOs as a barometer for sustained market health and risk appetite in the second half of the year.
• The strategic appeal of the Nasdaq-100 index is a significant driver of listing transfers; therefore, identifying potential new entrants to this index could be a source of alpha, as inclusion often precedes increased institutional inflows.