For the first time in over two decades, the Nasdaq has overtaken the New York Stock Exchange in terms of IPO proceeds. The milestone is being driven by a resurgence in investor appetite for technology-driven listings. In the first half of 2024, Nasdaq attracted more than $10.2 billion in IPO proceeds, compared to $8.9 billion on the NYSE — a reversal of historic trends that signals shifting sentiment in the capital markets. Key listings like Astera Labs, Reddit, and Rubrik helped push Nasdaq ahead, all riding the momentum of AI and cloud enthusiasm.

Nasdaq’s tech-heavy reputation and strong aftermarket performance are part of what’s driving its renewed dominance. Analysts suggest that the exchange’s focus on innovation and its ability to attract high-growth names makes it a more attractive venue for IPOs, particularly in a market increasingly defined by digital transformation. While NYSE continues to court legacy and blue-chip names, Nasdaq is cementing itself as the home of the future-facing IPO.