NASDAQ, INC. (NDAQ)

Nasdaq is a global technology platform company that architects market infrastructure, powers the innovation economy, and builds trust in the financial system through data, analytics, and advanced technology solutions. Originally founded in 1971 as a subsidiary of FINRA, the company became fully independent by 2006 and evolved from a U.S.-based exchange operator into a global exchange technology provider following its 2008 combination with OMX AB, further expanding through the 2021 acquisition of Verafin and the 2023 acquisition of Adenza (including AxiomSL and Calypso). The company operates through three business segments: Capital Access Platforms, Financial Technology, and Market Services.

The Capital Access Platforms segment includes Data & Listing Services and Index businesses. Data & Listing Services distributes proprietary real-time and historical market data (including flagship products like Nasdaq TotalView and Nasdaq Basic) to institutional investors, retail brokers, and data distributors, while also operating global listing platforms across the U.S. (via The Nasdaq Stock Market's three tiers), Nasdaq Nordic, Nasdaq Baltic, and Nasdaq First North markets; as of December 31, 2025, 5,599 companies were listed across these exchanges, with 4,480 on The Nasdaq Stock Market, and 2025 saw 784 new U.S. listings including 155 operating company IPOs and 126 SPAC IPOs, alongside $1,241 billion in equity market capitalization switching to Nasdaq from competing exchanges. The Index business develops and licenses Nasdaq-branded indices and related financial products, including its flagship Nasdaq-100 Index; as of December 31, 2025, 451 ETPs tracking Nasdaq indices held $882 billion in assets under management, with Nasdaq-100 core index-tracking ETPs alone representing $640 billion (73% of total AUM).

The company's strategic focus targets high-growth opportunities in financial crime prevention, regulatory compliance, marketplace technology, investment management workflows, and data/insight solutions, leveraging its technology, proprietary data, and capital markets expertise across a broad global client base.