The first half of 2025 has seen a compelling narrative unfold in the US stock market, particularly concerning initial public offerings (IPOs. Nasdaq has significantly outpaced the New York Stock Exchange NYSE in new listings, a trend that holds considerable relevance for traders and investors alike.
Data from Dealogic reveals that Nasdaq NDAQ.O IPOs, including those from special purpose acquisition companies SPACs), generated approximately $21.3 billion in the first half of the year. This contrasts sharply with the NYSE ICE.N, which saw $8.7 billion raised through flotations. Even excluding SPACs, Nasdaq’s traditional IPOs raised about $9 billion from 79 deals, while the NYSE secured approximately $7.8 billion from 15 deals. This performance marks a notable shift from the same period last year, where NYSE IPOs generated more capital.
This resurgence in listings follows a period of market volatility, notably an April market selloff influenced by erratic U.S. trade policy. However, Wall Street’s subsequent recovery, capped by the Nasdaq Composite .IXIC and S&P 500 .SPX reaching record closing highs on Monday, July 1, has encouraged companies to re-engage with listing plans. Nasdaq President Nelson Griggs commented on this, noting the previous need for companies to ‘go pencils down’ due to early-year volatility, but now, with the strong market rebound, discussions are back on the table.
For traders, this surge in IPO activity, particularly on Nasdaq, means more opportunities for early-stage investment in potentially high-growth companies. Blockbuster IPOs such as CoreWeave CRWV.O and Chime CHYM.O highlight the potential for significant gains, though they also carry inherent risks. The market’s renewed enthusiasm for new listings could signal a period of increased liquidity and investment avenues in the second half of the year. Upcoming IPOs from big names like medical supply giant Medline and design software maker Figma are already generating buzz.
Beyond IPOs, the competitive landscape between Nasdaq and NYSE continues to evolve. Nasdaq has also benefited from high-profile corporate switches from the NYSE, including Kimberly-Clark KMB.O and Thomson Reuters TRI.TO. These companies cited the attractiveness of the Nasdaq-100 index .NDX, which includes 100 of the most valuable non-financial companies listed on Nasdaq like Nvidia NVDA.O and Apple AAPL.O, as a key driver for their decision. The Nasdaq 100’s stronger performance this year – up nearly 8% compared to the S&P 500’s 5.5% climb – could further influence such transfers.
This ongoing rivalry between the two major exchanges is seen by experts as a beneficial force, making U.S. capital markets more dynamic and appealing to investors, especially when compared to single-venue markets like Hong Kong and London. For traders and investors, staying informed about these listing trends and exchange preferences is crucial for identifying emerging opportunities and understanding broader market sentiment.
