FIERCE COMPETITION: How Nasdaq is luring multi-trillion dollar companies

Potential Blockbuster IPOs: SpaceX, OpenAI, and Anthropic – A Fox Business Report

Key Concepts: IPO (Initial Public Offering), NASDAQ, NYSE (New York Stock Exchange), NASDAQ 100 Index, Valuation, Liquidity Pool, Market Cap, ETF (Exchange Traded Fund), M&A (Mergers and Acquisitions), Geopolitical Risk.

IPO Market Outlook & Potential Mega-Listings

The segment focuses on the anticipated IPOs of three major companies – SpaceX, OpenAI, and Anthropic – which collectively boast a current valuation of $2.65 trillion. Goldman Sachs predicts record-breaking proceeds from these listings, potentially quadrupling the post-pandemic average (2022-2024) to $160 billion. This surge represents a significant recovery from the “IPO drought” experienced in recent years. The competition between NASDAQ and the New York Stock Exchange (NYSE) to secure these listings is intense, with NASDAQ currently leading in 2026 with 23 more IPOs than the NYSE as of the time of the broadcast.

NASDAQ’s Strategy to Attract IPOs

Nelson Griggs, President of NASDAQ, detailed the exchange’s strategy to attract these high-profile companies. He emphasized a comprehensive “value proposition” beyond superficial incentives like “candy and confetti.” This includes:

• IPO Preparedness: Providing support for IPOs of unprecedented size and scale.
• Investor Outreach: Assisting companies with connecting with potential investors.
• NASDAQ 100 Index Access: Leveraging the NASDAQ 100 index, which houses all trillion-dollar companies and provides access to powerful growth ETFs. This is a key differentiator, as inclusion in the index can significantly boost a company’s visibility and investment.

Griggs highlighted that NASDAQ positions itself as the “home to the innovation economy,” recognizing the transformative impact of these companies. He stressed the importance of building strong partnerships with companies to facilitate their success.

Specific Company Considerations & Demands

The report acknowledges the significant influence these companies wield due to their high valuations. While Griggs refrains from characterizing their requests as “demands,” he notes they are focused on ensuring successful execution and partnering with the best possible institutions.

• SpaceX: Valued at approximately $800 billion, SpaceX, already familiar with NASDAQ through Tesla and SolarCity (now part of Tesla), has reportedly approached index providers about early inclusion in market benchmarks like the NASDAQ 100.
• OpenAI & Anthropic: Recognized as leaders in the AI space, these companies are also prioritizing partnerships that support their growth and impact.

NASDAQ 100 Index Rule Changes

Responding to potential requests for early inclusion, NASDAQ has proposed rule changes to allow companies to be considered for the NASDAQ 100 index as early as five days after listing, rather than the traditional three-month waiting period. However, qualification requires being in the top 30% of companies currently in the index.

Exchange Competition & Market Cap Transfers

The segment highlights a trend of companies switching exchanges, citing Walmart and Palantir’s recent moves from the NYSE to NASDAQ. NASDAQ boasts a significant transfer of market capitalization from the NYSE – over $4 trillion – and attributes this success to a “flywheel” effect: listings generate trading revenue, index inclusion drives further investment, and data opportunities create additional value.

Historical IPO Data & 2026 Projections

The report provides historical context, noting that 2021 saw over 1,000 IPOs (726 on NASDAQ, 278 on NYSE) following the initial pandemic year. Griggs predicts that 2026 will surpass last year’s IPO activity, citing an increase in the number of companies filing to go public (from 180 to 210) and a favorable market backdrop, including GDP growth, a stable interest rate environment, and near all-time high market valuations. The portfolio of companies seeking to go public is also diversified across sectors, including private equity and venture capital-backed firms.

Global IPO Landscape & US Attractiveness

Griggs discussed the increasing interest from European and Asian companies in listing on US exchanges. He attributes this to the US offering the “deepest liquidity pool” and higher valuations for growth sectors, particularly in healthcare and technology. The ARM IPO (from the UK) is cited as a recent example.

NASDAQ’s Broader Scope & Brand Identity

The segment emphasizes that NASDAQ is not solely a technology exchange, highlighting its significant presence in banking, healthcare, and other sectors. Griggs underscored the importance of the NASDAQ brand, associating it with innovation and driving the “innovation economy.”

Notable Quote:

“We focus every day on how we have a better value proposition for our clients. So I think we are especially in the world of AI, how we're bringing more tools to clients, how we help them find the right investors, how we think about their governance and then again the growth of the the NASDAQ 100 index is very very powerful but it's also the brand.” – Nelson Griggs, NASDAQ President.

Conclusion

The report paints a picture of a revitalized IPO market poised for significant growth in 2026, driven by the potential public offerings of SpaceX, OpenAI, and Anthropic. NASDAQ is actively positioning itself to capture these listings by offering a comprehensive value proposition, leveraging its index, and fostering strong partnerships. The competition with the NYSE is fierce, but NASDAQ’s track record and focus on innovation suggest it is well-positioned to benefit from this wave of mega-IPOs. The broader market conditions and increasing interest from international companies further contribute to a positive outlook for the IPO market.