Nasdaq sees bigger year ahead for listings on billion-dollar-plus IPOs

A television screen is displayed in the window of the Nasdaq MarketSite, in New York's Times Square, Friday, Nov. 7, 2025. (AP Photo/Richard Drew)

NEW YORK — Nasdaq expects a jump in initial public offerings next year driven by several large startups aiming to tap U.S. capital markets in coming months, a top company executive told Reuters.

The forecast suggests a potential rebound in market confidence for new flotations, a key indicator of economic health, as both companies and investors look past recent market volatility caused by U.S. President Donald Trump’s trade policy and economic uncertainty.

For the year through Dec. 18, companies that listed on Nasdaq raised about US$46.65 billion, more than double compared to the same period last year, the exchange operator said. During the year, Nasdaq also benefited from 22 companies, including Walmart, transferring listings from rival New York Stock Exchange. The companies had a combined market value of about $1.2 trillion, it said.

The strong year for listings came despite periods of market volatility stemming from U.S. tariffs and the October government shutdown. Looking ahead, Jeff Thomas, Nasdaq’s global head of listings, said that the pipeline for listings that could raise more than $1 billion looks robust heading into 2026.

Stock market flotations in the U.S. dropped off sharply during the tariff-driven April market selloff. Wall Street has since recovered, with several high-profile names including medical supplies firm Medline, data centre provider Coreweave, and enterprise software maker SailPoint having gone public since the April selloff.

IPOs in the U.S. have raised $74.7 billion this year to date, up about 80 per cent from the same period last year, according to Dealogic data.

“When we look at our IPO pulse index, a lot of the key metrics - including interest rates coming down, valuations being high, investor sentiment and consumer confidence being up - are pointing in the right direction. So, we have a very clear line of sight for a fast start to the year, and then a lot of optimism about what we could see in the back half of the year,” said Thomas.

Several big names, including Elon Musk’s SpaceX, and U.S. mortgage agencies Fannie Mae and Freddie Mac, are expected to tap U.S. capital markets over the next year. Reuters reported in October that OpenAI is in early discussions to lay the groundwork for what would be one of the biggest IPOs of all time.

Earlier this week, Nasdaq became the latest U.S. exchange to file with regulators to launch round-the-clock trading of stocks, as it looks to capitalize on a global demand for U.S. equities.

GRAPHIC-U.S. IPO deal proceeds by year https://reut.rs/4qA5jWP

(Reporting by Anirban Sen in New York; Editing by Lisa Shumaker)