Nasdaq’s 2025 Power Play: $46.65 Billion Haul Signals Explosive IPO & Listing Surge

Wall Street's tech-heavy titan just posted numbers that make traditional exchanges look sleepy. Forget gradual growth—this is a capital-raising blitz.

The IPO Engine Is Redlining

New listings aren't just arriving; they're stampeding to the market. We're talking next-gen tech, biotech disruptors, and yes, a fresh wave of crypto-adjacent infrastructure plays looking for that mainstream credibility stamp. The pipeline's not just full; it's bursting.

Where's the $46.65 Billion Going?

That mountain of capital isn't sitting in a vault. It's fueling expansion, R&D arms races, and aggressive M&A. Companies are using their Nasdaq-listed status as a war chest to outmaneuver competitors. In today's market, if you're not growing aggressively, you're on the menu.

A Vote of Confidence or Just FOMO?

Let's be cynical for a second: a hot IPO market often says less about company quality and more about investors' fear of missing out on the 'next big thing.' But $46.65 billion? That's a staggering volume of FOMO. It shows institutional money is still desperate for growth narratives, even if it means overlooking a few shaky balance sheets.

The message is clear. For high-growth companies, the public market door isn't just open—it's been blown off its hinges. Whether this is a sustainable renaissance or just another cycle of irrational exuberance dressed up in a tech suit remains to be seen. One thing's certain: the action is on the screen.

TLDR

• Nasdaq raised $46.65 billion in 2025, the highest since 2021, from new listings.
• 22 companies transferred their listings to Nasdaq in 2025, including Walmart.
• Medline’s IPO was the largest in 2025, raising over $6 billion in capital.
• Nasdaq Texas launch aims to provide more growth opportunities for companies.

In 2025, Nasdaq achieved a remarkable milestone, raising $46.65 billion from new listings, the highest since 2021. This surge in capital was fueled by major IPOs, including Medline’s $6 billion debut, and the historic transfer of Walmart’s listing, marking Nasdaq’s largest ever. As Nasdaq strengthens its role in the market, this year also saw the launch of Nasdaq Texas, expanding its reach to new regions and companies.

Nasdaq Sees Strong Growth in IPOs and Listings

In 2025, Nasdaq achieved a milestone by raising $46.65 billion from new listings, marking the strongest year for capital raises since 2021. Nasdaq’s growth was driven by significant IPOs and an influx of companies choosing to list on the exchange. Companies like Medline, CoreWeave, and SailPoint were among those that led the year’s IPO wave, with Medline being the largest overall IPO, raising over $6 billion. Additionally, CoreWeave emerged as the biggest AI-related IPO of the year.

The Nasdaq saw more than just IPO activity. The exchange also saw 22 companies transferring their corporate listings, including the historic MOVE of Walmart, marking the largest transfer in Nasdaq’s history. These transfers totaled a market value of $1.2 trillion, reflecting Nasdaq’s strong market position and its appeal to high-value companies.

Strong IPO Activity in 2025

Nasdaq’s leadership in IPOs is highlighted by the $46.65 billion raised through new listings, the largest capital raised in a single year since 2021. Among the notable IPOs, Medline led the way with the largest overall IPO, raising over $6 billion. This was followed by CoreWeave’s AI-focused listing, which attracted considerable attention due to the growing interest in artificial intelligence investments. SailPoint, a company specializing in enterprise software, also made a significant impact with the largest IPO in its category.

The success of these IPOs demonstrates that investor confidence in Nasdaq remains strong, despite market fluctuations. Nasdaq’s robust performance in the IPO space solidifies its position as a leading platform for companies to raise capital.

Nasdaq Texas to Expand Market Reach

In 2025, Nasdaq announced plans to expand its footprint with the launch of Nasdaq Texas, a dual listing venue aimed at increasing its services to companies in the state. This initiative will provide new growth opportunities for Texas-based companies while offering increased access to U.S. investors. Nasdaq’s focus on Texas is strategic, given that the exchange already partners with 800 clients across the state, with more than 200 companies listed on Nasdaq representing over $2 trillion in market value.

The creation of Nasdaq Texas reflects the exchange’s broader efforts to support regional economic growth and provide companies with enhanced opportunities to access capital markets. This expansion is seen as a move to meet the growing demand for financial services in the state, which has become a key hub for business and technology.

Walmart’s Historic Transfer to Nasdaq

In 2025, Walmart made headlines with its transfer to Nasdaq, marking the largest exchange transfer in history. This move, part of a broader trend of companies shifting their listings to Nasdaq, signals the growing confidence in the exchange’s ability to offer value to large companies. Since 2005, more than 500 companies have transferred their listings to Nasdaq, totaling over $4 trillion in market value.

The decision by Walmart to transfer its listing underscores Nasdaq’s appeal, particularly its global visibility and commitment to innovation. The exchange has increasingly become the preferred platform for companies seeking to benefit from its market infrastructure, regulatory support, and investor access.