Nasdaq Tops NYSE in H1 IPOs With $21.3 Billion Raised

July 02, 2025 05:39 PM AEST | By EODHD
 Nasdaq Tops NYSE in H1 IPOs With $21.3 Billion Raised
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Nasdaq (NDAQ, Financials) led the U.S. IPO race in the first half of 2025, outpacing the New York Stock Exchange by a wide margin on the strength of high-profile listings and increased SPAC activity. Warning! GuruFocus has detected 8 Warning Sign with NDAQ. Initial public offerings on Nasdaq raised $21.3 billion during the first six months of the year, compared with $8.7 billion on the NYSE, according to Dealogic. That included offerings from CoreWeave (CRWV, Financials), Chime (CHYM, Financials), SailPoint (SAIL, Financials), and Venture Global (VG, Financials)each among the year's biggest.

Excluding blank-check firms, Nasdaq pulled in $9 billion from 79 traditional IPOs; NYSE saw 15 IPOs raise roughly $7.8 billion. The IPO market briefly cooled during the spring market downturn but rebounded strongly in May, prompting a fresh wave of activity. Nasdaq President Nelson Griggs said companies are once again exploring listings as markets stabilize. The Nasdaq Composite and S&P 500 both hit record highs at the end of June. Nasdaq also benefited from high-profile listing transfers, including Kimberly-Clark (KMB, Financials) and Thomson Reuters (TRI, Financials).

So far this year, 10 companies with a combined market cap of over $270 billion have switched from NYSE to Nasdaqmarking the best first half for switches since 2006. NYSE attracted switches from companies like CSW Industrials (CSWI, Financials) and QXO (QXO, Financials) but lagged behind in overall volume. Looking ahead, IPOs from Medline and Figma are expected to drive momentum into the second half. This article first appeared on GuruFocus. View Comments


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