US IPO Listings on Nasdaq Surpass NYSE in First Half of 2025

Nasdaq's U.S. IPO listings for the first half of 2025 have surpassed those of the NYSE, with a 49% increase in deal value compared to the same period last year. This is attributed to strong investor interest in tech IPOs, leading to a 73% of 2024's full-year volume in capital raised.

Nasdaq has once again outpaced the New York Stock Exchange (NYSE) in U.S. IPO listings for the first half of 2025, showcasing a robust performance driven by strong investor interest in tech IPOs. The exchange reported a 49% increase in deal value compared to the same period last year, totaling $21.3 billion [1]. This remarkable figure represents a significant uptick from the $6.1 billion raised in the first half of 2024, a testament to the exchange's ability to attract high-profile IPOs [2].

The Nasdaq's success can be largely attributed to its ability to capitalize on the growing interest in tech IPOs. Excluding special purpose acquisition company (SPAC) volumes, traditional IPOs on the Nasdaq raised approximately $9 billion from 79 deals, while the NYSE saw 15 IPOs raise about $7.8 billion [1]. Notable IPOs on the Nasdaq include CoreWeave, Chime, and cybersecurity firm SailPoint, which ranked among the biggest U.S. IPOs during the first half [1].

The market rebound following the April selloff, driven by erratic U.S. trade policy, has reinvigorated companies' enthusiasm for seeking listings. Nasdaq President Nelson Griggs highlighted the resilience of the market, noting that companies are now actively considering IPOs following the strong May rebound [1]. The Nasdaq Composite and S&P 500 reached record closing highs in May, capping their best quarter in more than a year [1].

The rivalry between Nasdaq and NYSE continues to be a significant factor in the attractiveness of U.S. capital markets. Both exchanges have benefited from high-profile switches, with Nasdaq receiving a boost from companies like Kimberly-Clark and Thomson Reuters, while NYSE saw transfers from firms like Virtu and CSW Industrials [2]. The Nasdaq-100 index's allure, which includes top tech companies like Nvidia and Apple, has been a key driver for these switches [2].

Looking ahead, both exchanges anticipate active issuance for the remainder of the year. The NYSE's Michael Harris anticipates continued activity, while Nasdaq President Griggs expects further excitement if the next round of companies performs well [1]. The market share battle between the two exchanges is set to continue, with Nasdaq maintaining its stranglehold at the top of the rankings for the past decade [1].

References:
[1] https://ca.finance.yahoo.com/news/nasdaq-prevails-over-nyse-first-100447004.html
[2] https://www.reuters.com/business/finance/nasdaq-prevails-over-nyse-first-half-listings-buoyed-by-blockbuster-ipos-2025-07-01/