Nasdaq Just Landed the Largest IPO in History. Here's Why the Exchange Stock Could Keep Winning.

3 days ago 8

Reuben Gregg Brewer, The Motley Fool

Wed, June 17, 2026 astatine 10:35 AM CDT 3 min read

SpaceX (NASDAQ: SPCX) listed connected the Nasdaq exchange, which is owned and operated by Nasdaq (NASDAQ: NDAQ). The archetypal nationalist offering roseate a monolithic $75 cardinal ($85.7 cardinal including overallotments offered to its concern bankers), with the banal rising astir 20% connected its archetypal time of trading (and different 20% connected the 2nd day). However, the biggest victor from this monolithic IPO could really beryllium Nasdaq itself. Here's why.

Nasdaq is the spot to beryllium for tech companies

The Nasdaq speech has ever been technology-focused. That's apt 1 of the reasons wherefore SpaceX chose to database connected the exchange. That determination gives the Nasdaq speech immense thoroughfare cred. If SpaceX thinks the Nasdaq is the spot to be, different tech companies are apt to travel suit. And determination are immoderate large names looking to clasp IPOs close now, including artificial quality giants OpenAI and Anthropic. Exchanges make listing fees from IPOs, truthful there's a fiscal payment to hosting IPOs beyond elemental thoroughfare cred for Nasdaq arsenic a business. And ongoing listing fees make an annuity-like income stream.

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There's much to the communicative than conscionable the IPO

Listing fees are conscionable the commencement of the story. Data income are besides an important portion of Nasdaq's business. More salient listings mean much request for the trading information the institution sells, supporting different annuity-like income stream. And past determination are licensing fees the institution generates by allowing different companies to usage its sanction connected concern products, specified arsenic a Nasdaq-100 ETF similar Invesco Nasdaq 100 ETF (NASDAQ: QQQM). That's yet different annuity-like income stream.

So there's much to the communicative than conscionable nabbing a big-name IPO. But for investors, there's different space to consider. Perhaps you are fascinated by what appears to beryllium a roar successful elephantine exertion IPOs. You don't person to really bargain the IPOs to benefit. You could, instead, bargain Nasdaq, the institution that owns the speech wherever galore of the headline-grabbing IPOs are apt to instrumentality place.

Is Nasdaq a amended alternative?

Here's the absorbing thing: it is hard to worth what amounts to a money-losing start-up similar SpaceX. Sure, the accidental looks huge, but who knows what the aboriginal holds? Nasdaq is simply a profitable concern with annuity-like income streams. And its price-to-earnings ratio is really a interaction beneath its five-year average, suggesting it is reasonably priced, if not somewhat cheap, close now. It could beryllium the cleanable enactment for blimpish investors who privation successful connected each the IPO excitement but don't privation to instrumentality connected the hazard of buying an IPO.

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