Tech Giants and Institutional Buyers Propel Nasdaq Forward
The first half of 2025 closed with a decisive lead for Nasdaq over its longstanding rival, the New York Stock Exchange (NYSE), in the battle for IPO market dominance. According to Dealogic data, companies listed on Nasdaq raised approximately $21.3 billion, compared to $8.7 billion raised through IPOs on the NYSE. The figures underscore a structural shift in listing preferences among growth-oriented companies.
Blockbuster IPOs Lead the Charge: CoreWeave, Chime, and Venture Global Stand Out
Among the most prominent offerings fueling Nasdaq’s outperformance were the IPOs of cloud computing firm CoreWeave, fintech disruptor Chime, and cybersecurity provider SailPoint. However, the largest IPO year-to-date was executed on the NYSE—liquefied natural gas exporter Venture Global, which raised $1.75 billion. Still, Nasdaq’s aggregate volume remains significantly higher.
Traditional IPOs vs. SPACs: Nasdaq Maintains Its Lead
Excluding special purpose acquisition companies (SPACs), Nasdaq saw 79 traditional IPOs raise approximately $9 billion, while 15 traditional IPOs on the NYSE raised about $7.8 billion. This marks a major improvement over the same period in 2024, when Nasdaq listings raised just $6.1 billion.
Market Rebound Reignites IPO Momentum
After a sharp downturn in listings during the April market selloff—largely driven by U.S. trade policy uncertainty—Wall Street has bounced back strongly. The Nasdaq Composite and S&P 500 both closed the second quarter at all-time highs, encouraging a renewed wave of IPO planning.
“We knew this year had potential, but the early volatility forced companies to hit pause,” said Nasdaq President Nelson Griggs in an interview with Reuters. “Now, with the market rally in May, companies are back at the table. If the next slate performs well, we could see a very active fall.”
High-Profile Listings Transfers Fuel Nasdaq’s Gains
Beyond IPOs, Nasdaq saw an influx of large-cap companies transferring from the NYSE, including household names like Kimberly-Clark and Thomson Reuters. In total, 10 companies representing a combined market cap of $271.4 billion made the switch in H1 2025—Nasdaq’s best first-half performance in this category since it began tracking transfers in 2006.
Meanwhile, the NYSE received transfers from five companies, including Virtu Financial, CSW Industrials, and building supplies distributor QXO.
Nasdaq-100 Index Seen as Strategic Asset
Several companies that transitioned to Nasdaq cited the Nasdaq-100 Index as a major driver for their decision. The index, composed of 100 of the most valuable non-financial companies on Nasdaq—including Nvidia and Apple—has outperformed broader indices. So far in 2025, the Nasdaq-100 is up nearly 8%, compared to a 5.5% gain for the S&P 500.
“We quickly realized that Nasdaq had a strong value proposition. If you’re listed on Nasdaq and meet the market cap threshold, you can be part of the Nasdaq-100—an exceptional index to be included in,” said Juan Pelaez, VP of Investor Relations at Linde, which switched to Nasdaq in 2023.
Outlook: U.S. Capital Markets Gain Global Appeal Amid Domestic Rivalry
The long-standing rivalry between Nasdaq and NYSE continues to make U.S. capital markets more dynamic and competitive—especially when compared to more centralized systems like London or Hong Kong, where there is typically only one primary listing venue. According to market analysts, this competition directly contributes to investor confidence and company growth.
Looking ahead, the pipeline for the second half of the year includes anticipated IPOs from companies such as medical supply giant Medline and design software firm Figma. With the IPO window now reopening and equity sentiment on the rise, momentum appears to be shifting decisively in Nasdaq’s favor.
