Nasdaq, Inc. reported that it raised a record $46.65 billion from new listings in 2025, the highest amount of capital raised on the exchange since 2021. The figure reflects 22 new listings that collectively brought in the full amount, underscoring a robust rebound in public‑market activity after a period of subdued IPOs.
The announcement also highlighted that 22 companies transferred their listings to Nasdaq, including Walmart. The retailer’s move, the largest exchange transfer ever, shifted its shares from the New York Stock Exchange to Nasdaq on December 9, 2025. The transfer represents a $1.2 trillion market‑cap shift and signals Walmart’s alignment with Nasdaq’s technology‑forward brand.
The strong 2025 performance reflects a confluence of factors. Investor confidence in public markets rebounded, and Nasdaq’s focus on technology and innovation attracted high‑profile companies. Walmart’s decision to list on Nasdaq was driven by its “people‑led, tech‑powered” strategy, positioning the retailer for inclusion in the Nasdaq‑100 and aligning its brand with a tech‑centric exchange. Nasdaq’s broader European success—capturing over half of all capital raised in Europe and debuting the largest IPO in the region since 2022—reinforces its global reach.
Jeff Thomas, Nasdaq’s Executive Vice President and Global Head of Listings, said the year “marked a meaningful resurgence for the public markets” and that companies continue to choose Nasdaq for its global visibility and commitment to innovation. Walmart’s President and CEO Doug McMillon noted that the move “reflects Walmart’s deep commitment to innovation and growth as a people‑led, tech‑powered omnichannel retailer.” Adena Friedman, Nasdaq’s Chair and CEO, added that the exchange is proud to support Walmart’s next era of growth and to “drive innovation at scale.”
Beyond the listings, Nasdaq is expanding its footprint with the upcoming Nasdaq Texas initiative, which will broaden services in a key growth region. The company’s strategic focus on technology and digital transformation is expected to attract more high‑growth firms, while the inclusion of Walmart in the Nasdaq‑100 will further elevate the exchange’s profile among large, diversified companies.
Overall, Nasdaq’s record capital raise and the historic Walmart transfer signal a strong, technology‑oriented public‑market environment. The events reinforce Nasdaq’s position as a preferred venue for high‑growth companies and suggest continued momentum for the exchange’s listings business in 2026.
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