Nasdaq, Inc. (NDAQ) Presents at Barclays 24th Annual Global Financial Services Conference Transcript

Nasdaq, Inc. ( NDAQ ) Barclays 24th Annual Global Financial Services Conference September 14, 2026 12:00 PM EDT

Benjamin Budish Barclays Bank PLC, Research Division Maybe just to start, can you talk a bit about how you see the current macro backdrop coming out of a period of heightened volatility early in the year? How does the environment look across capital markets, IPOs, the broader FinTech business? I think investors are particularly interested in your expectations for IPO activity over the next 6 to 12 months.

Sarah Youngwood Executive VP & CFO Yes. So I'll start with macro. So macro, we would say that the environment is constructive. You still have very good investments, especially in AI and digital. You also have a consumer that remains very resilient and earnings that are really supporting the valuations that we are seeing. So when you take those together, we would say constructive. And you translate that into IPO, to your question. And we've seen a very robust IPO environment. So the first thing is pipeline is absolutely there. We have had the best half year we have ever had with $111 billion raised. Of course, that includes $86 billion with SpaceX. But that really tells you that the market is looking for scaled, mature opportunities, but there is also a