Nasdaq is set to surpass the New York Stock Exchange (NYSE) in listings for the sixth consecutive year, signaling growing optimism for a robust initial public offering (IPO) market in 2025. Through November, Nasdaq raised $22 billion across 160 IPOs, compared to $17 billion from 34 listings on the NYSE. This marks the highest listings volume in three years and reflects renewed investor confidence amidst strong U.S. stock market performance.
Among Nasdaq's notable IPOs this year were cold storage REIT Lineage, healthcare payments firm Waystar, and chipmaker Astera Labs. The exchange also captured high-profile transfers, including Palantir Technologies and Campbell Soup, bolstering its position as a leader in attracting global companies. With the Nasdaq Composite gaining nearly 33% this year, momentum is expected to carry into 2025 as companies capitalize on favorable market conditions.
Market OverviewNasdaq outpaces NYSE in IPO listings for the sixth year, raising $22 billion.Notable IPOs include Lineage, Waystar, and Astera Labs.Nasdaq Composite has surged 33% year-to-date, boosting investor confidence.
Key PointsNasdaq's IPO Pulse Index hit a three-year high, signaling a strong 2025.Nasdaq secured major listing transfers like Palantir and Campbell Soup.Interest rate
trends and economic resilience remain critical to 2025 IPO activity.
Looking Ahead2025 IPO momentum depends on lower U.S. interest rates and economic growth.Nasdaq's AI-driven stock listings position it for continued dominance.Potential tariffs from the Trump administration could challenge economic optimism.
Bull Case:- Nasdaq's sixth consecutive year of surpassing NYSE in IPO listings demonstrates its strong appeal to growth-focused companies and investors.
- Raising $22 billion across 160 IPOs highlights Nasdaq's ability to attract high-profile issuers like Lineage, Waystar, and Astera Labs.
- The 33% year-to-date gain in the Nasdaq Composite reflects robust investor confidence, creating favorable conditions for future listings.
- High-profile listing transfers, including Palantir Technologies and Campbell Soup, bolster Nasdaq's reputation as a premier exchange for innovative firms.
- Nasdaq's leadership in AI-driven stock listings positions it to capitalize on the growing technology and AI boom in 2025.
Bear Case:- Nasdaq's reliance on favorable macroeconomic conditions, such as lower interest rates, introduces risks if economic growth slows or rates remain elevated.
- Potential tariffs or trade policies under the Trump administration could dampen economic optimism and impact IPO activity in 2025.
- The competition from NYSE and other global exchanges could intensify, challenging Nasdaq's ability to maintain its dominance.
- Market volatility or a downturn could deter companies from pursuing IPOs, reducing Nasdaq's capital-raising opportunities.
- Nasdaq's focus on high-growth and technology firms may expose it to sector-specific risks if the tech industry faces headwinds in 2025.
The Nasdaq's dominance in IPO listings highlights its strong appeal to growth-focused issuers and investors. With high-profile transfers and an expanding roster of AI-driven companies, the exchange is positioned as a key player in capitalizing on the AI and technology boom.
As the IPO market enters 2025, the interplay between macroeconomic conditions and Nasdaq's competitive edge will shape the capital-raising environment. A strong start to the year could solidify Nasdaq's position as the go-to destination for innovative and high-growth firms.
納斯達克將在連續第六年超越紐約證券交易所（紐交所），這表明2025年首次公開募股（已上市新股）市場的樂觀情緒日益增長。到11月，納斯達克通過160個已上市新股籌集了220億，而紐交所的34個上市僅籌集了170億。這標誌着三年來最高的上市量，反映出投資者在美國股市表現強勁背景下的信心重新恢復。
今年納斯達克的一些顯著已上市新股包括冷儲存REIT Lineage、醫療支付公司Waystar和芯片製造商Astera Labs。該交易所還吸引了高知名度的轉移，包括Palantir Technologies和金寶湯，進一步鞏固了其吸引全球公司的領導地位。隨着納斯達克綜合指數今年上漲近33%，預計這種勢頭將在2025年持續，企業將利用有利的市場條件。
市場概況：納斯達克在已上市新股數量上超過紐交所，連續第六年籌集220億。顯著的已上市新股包括Lineage、Waystar和Astera Labs。納斯達克綜合指數年初至今上漲了33%，增強了投資者信心。
要點：納斯達克的已上市新股脈衝指數達到三年高點，預示着2025年將會強勁。納斯達克成功獲得了Palantir和金寶湯等主要上市轉移。利率趨勢和經濟韌性對2025年的已上市新股活動仍至關重要。
展望未來：2025年已上市新股的勢頭取決於美國利率降低和經濟增長。納斯達克的人工智能驅動的股票上市定位它繼續主導市場。特朗普政府可能實施的關稅可能會挑戰經濟樂觀情緒。
牛市觀點：
- 納斯達克在已上市新股數量上連續第六年超過紐交所，顯示了其對以增長爲主的公司和投資者的強大吸引力。
- 籌集220億，通過160個已上市新股突顯了納斯達克吸引高知名度發行人的能力，如Lineage、Waystar和Astera Labs。
- 納斯達克綜合指數截至年度增長33%反映了投資者的強烈信心，爲未來的上市創造了有利條件。
- Palantir Technologies和金寶湯等高調上市轉讓增強了納斯達克作爲創新企業首選交易所的聲譽。
- 納斯達克在以人工智能驅動的股票上市中的領先地位使其能夠利用2025年科技和人工智能蓬勃發展的機會。
熊市情景：
- 納斯達克對有利宏觀經濟條件的依賴，如較低的利率，帶來了經濟增長放緩或利率保持高位時的風險。
- 特朗普政府下可能出臺的關稅或貿易政策可能會抑制經濟樂觀情緒，並影響2025年的已上市新股活動。
- 來自紐交所和其他全球交易所的競爭可能會加劇，挑戰納斯達克維持主導地位的能力。
- 市場波動或經濟下行可能會阻止公司追求已上市新股，從而減少納斯達克的融資機會。
- 納斯達克對高增長和科技公司的關注可能會使其暴露於行業特定風險，如果科技行業在2025年面臨挑戰。
納斯達克在已上市新股列表中的主導地位突顯了其對以增長爲導向的發行人和投資者的吸引力。隨着高調的轉移和不斷擴展的人工智能驅動公司名單，交易所被定位爲在人工智能和科技繁榮中佔據關鍵地位的參與者。
隨着已上市新股市場進入2025年，宏觀經濟條件與納斯達克的競爭優勢之間的相互作用將塑造資本籌集環境。年初的強勁開局可能會鞏固納斯達克作爲創新和高增長公司的首選目的地。
