Nasdaq

What Nasdaq does

Nasdaq, Inc. (NDAQ), founded in 1971 and headquartered in New York, operates as a diversified global financial market infrastructure and technology company. It runs 10 North American exchanges — 4 equities (including Nasdaq Stock Market, Nasdaq Texas, Nasdaq PSX, Nasdaq Canada) and 6 options venues (PHLX, NOM, GEMX, ISE, MRX, plus one additional) — alongside European operations spanning 18 markets through Nasdaq Nordic. The platform processes approximately $3.7 quadrillion in annual securities transactions (via DTCC) and executes on average 414 million shares per day representing $33 billion in closing auctions. Approximately 4,000 corporate listings with ~$14 trillion in market capitalization and 1,100+ ETP listings with $2 trillion AUM sit on Nasdaq, with ~$800 billion+ in assets globally benchmarked to the Nasdaq-100 index. The technology stack is anchored by the AI-powered Dynamic M-ELO order type (analyzing 140+ factors every 30 seconds to optimize midpoint executions), TotalView depth-of-book market data now distributed on-chain via Pyth Network, and a fintech suite including AxiomSL, Calypso, Eqlipse, Boardvantage, IR Insight, Metrio, eVestment, and Trade Surveillance.

Nasdaq generates revenue across six streams: (1) transaction and trading fees tied to volumes on its 10 exchanges, (2) listing services for IPOs, direct listings, and ongoing listings, (3) market data products such as TotalView and the Net Order Imbalance Indicator, (4) financial technology solutions (trade surveillance, post-trade reporting via WorkX, pre-trade risk checks, connectivity, and co-location) sold to banks, brokers, and asset managers, (5) index licensing (Nasdaq-100, QQQ) and ETF listing fees, and (6) corporate solutions including investor relations intelligence, governance (Boardvantage), and ESG (Nasdaq Metrio, Puro.earth). Q1 2026 net revenue was $1.41 billion with adjusted EPS of $0.96 projected for Q2 2026 (+12.9% YoY). Customer segments include listed public companies (primary segment), ETF issuers (BlackRock/Invesco QQQ), trading firms, market makers, asset managers, and a growing roster of digital-asset participants (Gemini, Kraken, Backed Finance). Distribution is primarily direct enterprise sales supported by self-service portals (Nasdaq Trader Portal, Nasdaq Customer Portal) and the Nasdaq Data Link API. Recent strategic emphasis is on tokenization (DTCC consortium), blockchain-based data distribution (Pyth Network), 23-hour trading, and crypto-asset ETFs — positioning Nasdaq as a hybrid traditional exchange plus platform-plus-modules infrastructure provider.

Name

Nasdaq

Legal name

Nasdaq, Inc.

Website

https://nasdaq.com

Company type

Public

Founded year

1971

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Nasdaq operates a diversified financial market infrastructure platform spanning 10 North American equities and options exchanges plus European markets, complemented by index licensing (Nasdaq-100), market data (TotalView), and fintech (AxiomSL, Calypso, Eqlipse, Metrio) products serving listed companies, ETF issuers, trading firms, and institutional investors globally.

Ownership category

akta.pro rank

Product category

Capital Markets Infrastructure

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Investment Banking and Securities Intermediation (523150), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Retail Multi-Asset Exchanges (FSAFAEAA)

akta.pro secondary industries

Index Providers (Equity, Fixed Income, Multi-Asset, Thematic) (FSAFAIAD), Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA), Algorithmic Trading & Execution Platforms (FSAFANAN), Analytics, Risk Models & Factor/Style Indices (FSAFAIAG), Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF) (FSAFAEAC)

Keywords

• Equity exchange operations
• Market data services
• Index licensing
• Financial technology solutions
• Exchange traded products

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Transaction and Trading Fees: Fees earned from executing trades across Nasdaq's 10 North American exchanges (4 equities and 6 options). Revenue varies with trading volumes and market activity.
2. Listing Services: Fees from initial public offerings, direct listings, and ongoing listing fees from approximately 4,000 total listings representing approximately $14 trillion in market value.
3. Market Data Products: Revenue from TotalView depth-of-book data, Net Order Imbalance Indicators, and comprehensive market data distributed through multiple channels including blockchain integration via Pyth Network.
4. Financial Technology Solutions: Trade surveillance, post-trade reporting (WorkX), pre-trade risk checks, connectivity services, co-location, and regulatory technology solutions sold to banks, brokers, and financial institutions.
5. Index Solutions and ETF Listings: Revenue from licensing Nasdaq-100 and other indexes, plus ETF listing fees. Nasdaq hosts 1,100+ ETP listings with $2 trillion in AUM.
6. Corporate Solutions: Investor relations intelligence, governance solutions, sustainability/ESG solutions (Nasdaq Metrio), and board evaluation services for listed companies.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Nasdaq, Inc. operates a global network of stock exchanges (10 North American exchanges spanning 4 equities and 6 options venues plus European markets), processes equity and options trading across 18 markets, and licenses flagship benchmarks such as the Nasdaq-100 index. Beyond exchange services, the company sells recurring market data (TotalView, Data Link), enterprise fintech platforms (Calypso, AxiomSL, Eqlipse, Trade Surveillance), corporate governance and ESG software (Boardvantage, IR Insight, Metrio), and index-tracking products to listed companies, brokers, ETF issuers, and institutional investors.

Product overview

Nasdaq operates as a diversified financial market infrastructure and technology company offering a platform-plus-modules architecture. The core products include the Nasdaq Stock Market (primary equities exchange with 3,300+ listings), the Nasdaq-100 Index (flagship benchmark of 100 innovative large-cap companies), and index options products. Supporting modules include TotalView (institutional-grade depth-of-book market data), Nasdaq Data Link (marketplace for financial and alternative data), Nasdaq Fund Network (standardized fund identifiers), connectivity services (co-location, Point of Presence), trading technology (WorkX, TRF, Closing/Opening Cross), and fintech solutions (Eqlipse, AxiomSL, Calypso for capital markets operations). Nasdaq also offers governance solutions (Boardvantage, IR Insight), sustainability tools (Metrio ESG platform), and acquired carbon removal marketplace (Puro.earth). The company operates 10 North American exchanges and 6 U.S. options exchanges, covering equities, ETFs, options, and cryptocurrency trading infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• Nasdaq-100: A globally recognized index of 100 of the most innovative large cap companies listed on the Nasdaq Stock Market
• Nasdaq Composite
• QQQ
• Nasdaq Data Link
• Nasdaq Metrio
• Nasdaq Boardvantage
• Nasdaq Trade Surveillance
• Nasdaq Calypso
• Nasdaq AxiomSL
• Nasdaq Eqlipse
• Nasdaq Dorsey Wright
• Nasdaq eVestment

Products and services

• Nasdaq Stock Market The primary U.S. equities exchange operated by Nasdaq, serving as the largest U.S. equities exchange venue by market share with approximately 3,300+ corporate listings and 1,100+ ETP listings, including extended global trading hours (23-hour trading day, five days a week).
• Nasdaq Texas A dual listing venue launched for Texas-connected companies, with SpaceX as the largest listing by market capitalization.
• Nasdaq PHLX Options exchange offering flexibility, customization and diversification with unique functionality, pricing models and allocation models for a full spectrum of clients.
• Nasdaq Options Market (NOM) U.S. options exchange providing options trading capabilities.
• Nasdaq GEMX Options exchange offering unique functionality and pricing models for options trading.
• Nasdaq ISE International Securities Exchange providing options trading services.
• Nasdaq MRX Market-specific options exchange with specialized trading functionality.
• Nasdaq PSX A U.S. equities exchange providing an alternative trading venue.
• Nasdaq Canada (CXC, CX2, CXD) Canadian equities exchange operating Nasdaq CXC, Nasdaq CX2, and Nasdaq CXD trading books.
• Nasdaq-100 Index A globally recognized index of 100 of the most innovative large-cap companies listed on the Nasdaq Stock Market, with approximately $800 billion in assets benchmarked globally.
• Nasdaq Composite An index that includes all domestic and international common stocks listed on the Nasdaq Stock Market.
• Nasdaq-100 Index Options Index options tracking the performance of the Nasdaq-100 Index, providing investors with the ability to mitigate risk, generate income and maximize exposure to innovative companies.
• TotalView Institutional-grade depth-of-book market data product providing comprehensive order book and Net Order Imbalance Indicator data, distributed across 100+ blockchains via the Pyth Network partnership and through Nasdaq Data Link.
• Nasdaq Data Link Marketplace for financial, economic and alternative data delivered in modern formats including Python, Excel and APIs for today's analysts.
• Nasdaq Fund Network (NFN) Standardized identifiers for investment funds enabling improved visibility and accessibility of fund data across platforms.
• WorkX Cloud-based platform for trade reporting, compliance monitoring and risk management supporting FINRA/Nasdaq TRF markets.
• Nasdaq Trade Surveillance Regulatory technology solution for trade surveillance and compliance monitoring for financial institutions.
• Nasdaq Eqlipse Financial technology platform providing mission-critical capital markets solutions.
• Nasdaq AxiomSL Financial technology solution for risk management and regulatory reporting for banks and financial institutions.
• Nasdaq Calypso Financial technology solution for derivatives and trading operations across capital markets.
• Nasdaq Dorsey Wright Technical analysis and portfolio strategy tools for investment decision support.
• Nasdaq eVestment Market and alternative datasets for institutional investment management and due diligence.
• Nasdaq IR Insight Investor relations intelligence platform for corporate governance and stakeholder management.
• Nasdaq Boardvantage Corporate governance solution for board management and board evaluations.
• Nasdaq Metrio ESG data collection, analytics and reporting SaaS platform supporting corporate sustainability programs.
• Puro.earth Carbon removal marketplace supporting verified carbon removal purchases and corporate carbon neutrality initiatives.

Quantifiable outcome

• Companies switching to Nasdaq see average spread decrease of 0.3 basis points
• +2 more outcomes

Named customers4 records

Segments1 record

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability2 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered major and core.

• Pyth NetworkmajorTechnology or Integration · 5 July 2026Nasdaq partnered with Pyth Network to distribute TotalView depth-of-book data on-chain via blockchain, making institutional-grade order book and order imbalance data accessible to DeFi platforms, digital asset exchanges, and prediction markets. The collaboration enables on-chain equity perpetual futures and other DeFi applications to access Nasdaq's comprehensive market data through Pyth's pull oracle architecture across 100+ blockchains.
• DTCCmajorTechnology or Integration · 3 July 2026Nasdaq participates in DTCC's blockchain-based tokenization platform alongside 50+ global financial firms including BlackRock, Bank of America, JPMorgan, Goldman Sachs, Circle, Robinhood, and Kraken. The service received SEC approval in December 2025 with limited production trading launched in July 2026 and planned October commercial launch.
• BlackRockmajorTechnology or Integration · 3 July 2026BlackRock is a key participant in DTCC's tokenized securities platform alongside Nasdaq, with over 50 global financial firms collaborating on blockchain-based capital markets infrastructure.
• JPMorganmajorTechnology or Integration · 3 July 2026JPMorgan participates in DTCC's tokenized securities platform alongside Nasdaq, contributing to infrastructure development for blockchain-based trading and settlement.
• Goldman SachsmajorTechnology or Integration · 3 July 2026Goldman Sachs is part of the 50+ firm consortium working with DTCC and Nasdaq on tokenized securities platform development.
• Bank of AmericamajorTechnology or Integration · 3 July 2026Bank of America participates in DTCC's tokenized securities platform alongside Nasdaq for blockchain-based capital markets infrastructure.
• CirclecoreTechnology or Integration · 3 July 2026Circle participates in DTCC's tokenized securities platform alongside Nasdaq for blockchain-based capital markets infrastructure.
• RobinhoodcoreTechnology or Integration · 3 July 2026Robinhood participates in DTCC's tokenized securities platform alongside Nasdaq, also having launched Robinhood Chain for tokenized stock trading across 120+ countries.
• KrakencoreTechnology or Integration · 30 June 2026Nasdaq partnered with Kraken for tokenized securities infrastructure, building on existing partnerships with Backed Finance and CME Group for cryptocurrency index futures. Kraken began accepting tokenized stocks and ETFs as collateral for futures and margin trading.
• Backed FinancecoreTechnology or Integration · 30 June 2026Nasdaq's partnership for tokenized securities infrastructure following Kraken's December 2025 acquisition of Backed Finance and February 2026 launch of xStocks perpetual futures.
• CME GroupcoreTechnology or Integration · 30 June 2026Nasdaq partnered with CME Group for cryptocurrency index futures as part of broader tokenized securities infrastructure initiatives.

Scale indicators9 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Intercontinental Exchange (ICE): Owner of NYSE and a leading global operator of exchanges and clearing houses across equities, fixed income, and commodities. Directly competes with Nasdaq in U.S. equities listings and runs parallel data/index franchises.
• Cboe Global Markets: Operates U.S. equities and options exchanges, including Cboe Options Exchange and EDGX. Competes head-to-head with Nasdaq's six options exchanges and four equities exchanges for order flow and listings.
• CME Group: Largest derivatives exchange operator globally. Partners with Nasdaq on crypto index futures and competes in listed derivatives, clearing, and benchmark products that overlap with Nasdaq-100 index options.

Broad incumbents

• London Stock Exchange Group (LSEG): Global exchange and data infrastructure owner (LSE, Refinitiv). Competes with Nasdaq in European listings, market data, indices (FTSE Russell), and post-trade analytics.
• Deutsche Börse: Operates Frankfurt Stock Exchange, Eurex derivatives, and Clearstream post-trade. Comparable as a multi-asset exchange operator with index (STOXX) and data licensing businesses adjacent to Nasdaq.

Regional players

• Hong Kong Exchanges and Clearing (HKEX): Asia's primary exchange group operating cash equities, derivatives, and clearing. Comparable as a multi-asset venue operator serving a regional issuer base, similar to Nasdaq's Nordic footprint.

Emerging players

• Tradeweb Markets: Operates electronic marketplaces for fixed income, ETFs, and derivatives. Comparable as a transaction-fee-driven electronic trading platform with institutional clients overlapping Nasdaq's connectivity and data business.
• MarketAxess: Electronic trading platform operator for fixed-income credit products. Comparable as a fee-based electronic market operator leveraging data and analytics, similar to Nasdaq's eVestment and Data Link franchises.
• Coinbase Global: Largest U.S. crypto exchange and a growing provider of custody and blockchain infrastructure. Partially overlaps with Nasdaq's emerging tokenization, ETF crypto, and Pyth-based on-chain data initiatives.

Others

• SS&C Technologies: Provider of financial-services software and services including fund administration, trading, and regulatory reporting. Adjacent to Nasdaq's Adenza (AxiomSL/Calypso) and eVestment franchise in capital-markets software.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NASDAQ
• YouTubeyoutube.com/nasdaq
• Facebookfacebook.com/Nasdaq
• LinkedInlinkedin.com/company/nasdaq

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 records

Funding overview

Funding rounds6 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A20 records

Investments14 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nasdaq