The New York Stock Exchange and the Nasdaq have spent years trying to outdo each other as they compete for the hottest new listings, pitching companies on their ability to generate buzz and offering goodies such as billboards and lavish galas.
Lately, it isn't much of a fight.
The Nasdaq stock exchange has won listings of 59 companies, raising nearly $120 billion in traditional IPOs so far this year through Friday, according to Dealogic, while the NYSE has landed 32 companies, raising $20 billion.
Of Nasdaq's haul, $86 billion comes from SpaceX, the biggest IPO in history. It could add another $100 billion or so to its tally if artificial-intelligence giant Anthropic officially selects the Nasdaq for its planned IPO next month.
Some NYSE officials privately grouse Nasdaq's decision to fast-track the addition of large newly public companies like SpaceX to its popular Nasdaq-100 index made it all but impossible to compete. Adding to the pain, the Texas Stock Exchange, a tiny upstart aiming to challenge the New York duopoly, opened for trading this summer and is beginning to lure away existing listings.
NYSE President Lynn Martin, who has held the role since 2022, isn't giving up. She has been repeating a motto to colleagues helping her pitch for big IPOs: Until the bell is rung, a company is still up for grabs.
Martin has installed a new head of U.S. capital markets, according to people familiar with the matter, and the exchange's head of product has left. Additional hires meant to add firepower to its listings business are expected to join soon, one of the people said.
The NYSE, founded in 1792, was traditionally the home of blue-chip companies and is known as the Big Board on Wall Street. The Nasdaq, which dates back to 1971, made its name in the 1980s and 1990s by listing scrappy tech startups like Apple and Amazon.com before they became giants.
While the NYSE has trailed the Nasdaq in new listings since 2019, this year's gap is already the widest on record in terms of IPO volumes. The last IPO that the NYSE won over Nasdaq that raised at least $5 billion was Uber's, in 2019.
Shares in Nasdaq Inc. and in NYSE's owner, Intercontinental Exchange, are both little changed so far this year. The shrinking number of public companies and tight profit margins in the trading business have forced both exchanges to find new areas of focus, including fintech and data offerings. But winning big new listings remains a priority for both, and the fanfare around buzzy debuts provides invaluable marketing.
Ahead of SpaceX's listing, Nasdaq approved a rule change that allows large companies listed on the exchange to enter its Nasdaq-100 index just 15 trading days after their listing, instead of waiting up to a year. The move provides a boost to stocks and a built-in base of sticky shareholders, thanks to exchange-traded funds that track the index.
By comparison, the NYSE was late to the index-creation game, only launching its NYSE 100 index last year, 40 years after the Nasdaq-100's launch. While the NYSE 100 also allows fast entry, the index lacks a big following. Market professionals say that could put the NYSE at a permanent disadvantage when it comes to attracting big listings.
NYSE executives have been wooing companies by arguing that the exchange offers lower volatility and a long history of shaping policy. A spokeswoman for the NYSE also cited an internal analysis that found that the valuations of companies that left the NYSE for the Nasdaq-100 contracted.
A Nasdaq spokeswoman said the exchange "is proud to be the partner of choice for the companies that are shaping the innovation economy," and cited factors including its sector expertise, brand visibility and advocacy work. Nasdaq has been run by Chief Executive Officer Adena Friedman since 2017.
The NYSE spokeswoman said "half a trillion dollars of market capitalization transferred to the NYSE, year to date," including from Kraft Heinz and Skydance. Exchanges often offer companies perks such as free marketing and lower listing fees to switch.
Nasdaq, run by Chief Executive Adena Friedman since 2017, declined to comment.
Nasdaq has landed some of the NYSE's listings too, including Hilton Worldwide, which on Tuesday said it was making the switch. Last year, Walmart jumped from NYSE to Nasdaq.
Both New York exchanges are watching their backs as the Dallas-based TXSE gains ground. Less than 1% of all trading volume in the U.S. happens on TXSE, but it has snagged a handful of existing listings from the New York exchanges, an unprecedented feat after past upstarts struggled to gain traction.
Partly in response to TXSE, the NYSE rebranded its electronic stock exchange NYSE Chicago as NYSE Texas in 2025 and reincorporated it in Texas. It also hired Texas Gov. Greg Abbott's former senior staffer Bryan Daniel as president of NYSE Texas.