Nasdaq CEO flags 'modest softening' in IPO market as macro uncertainty hits debuts
NDAQ•Nasdaq CEO Adena Friedman said the IPO market has softened modestly as macroeconomic uncertainty led companies to reconsider debut timing. Nasdaq recorded 167 new listings in the third quarter, down from 205 a year earlier.
1. IPO market softens
Adena Friedman said executives in some sectors are re-evaluating the timing of their IPOs, although Nasdaq’s long-term listings pipeline remains robust. Total new listings at Nasdaq fell to 167 in the third quarter from 205 a year earlier.
2. Companies delay debuts
Oura postponed its planned Nasdaq debut in September, citing volatile market conditions, while Holtec Nuclear withdrew its planned US IPO because of adverse sentiment in equity markets and the nuclear sector. Other companies also delayed offerings around the same time. Renaissance Capital strategist Matt Kennedy said more companies are penciling in 2027, and that the 2026 IPO market revolves around Anthropic and the biotech sector unless AI enthusiasm returns.
