Nasdaq expects a stronger year ahead for public listings, led by several large startups planning to access U.S. capital markets in the coming months. The exchange sees improving conditions for new offerings as companies and investors move past recent volatility linked to U.S. trade policy and economic uncertainty. In 2025, companies listed on Nasdaq raised about $46.65 billion, more than double the amount raised during the same period in 2024. The exchange has also benefited from 22 companies, including Walmart, shifting listings from the New York Stock Exchange, representing a combined market value of about $1.2 trillion. These developments point to renewed confidence in U.S. equity markets as a source of long-term capital.
Despite periods of disruption caused by tariffs and the October government shutdown, the U.S. IPO market has shown resilience. Total U.S. IPO proceeds had reached $74.7 billion in 2025, up about 80% from 2024, according to Dealogic. Nasdaq reports a solid pipeline of potential listings that could each raise more than $1 billion, supported by easing interest rates, strong valuations, and improved investor sentiment. Several high-profile companies have already gone public since the April market selloff, while others, including SpaceX and major housing finance agencies, are expected to follow. The outlook points to improving access to public capital, offering CFOs more favorable timing for large-scale listings in 2026.
