Key facts
- Nasdaq CEO Adena Friedman noted a modest softening in the IPO market.
- Companies are re-evaluating the timing of their IPOs due to macroeconomic turbulence.
- Total new listings at Nasdaq fell to 167 in the third quarter, down from 205 last year.
- The 2026 IPO market may revolve around Anthropic and the biotech sector, according to Renaissance Capital.
Nasdaq CEO Adena Friedman said on Thursday that the initial public offerings market has softened modestly due to macroeconomic turbulence, forcing several companies to postpone their debuts. Speaking during the exchange operator's third-quarter earnings call, Friedman noted that while the long-term pipeline remains robust, executives are re-evaluating IPO timing. Escalating conflicts in the Middle East have triggered inflation fears, leading the US Federal Reserve to hike interest rates, which has increased the cost of capital and altered risk appetite. This has chilled the IPO window over the past two months. In September, Oura, a wearable health technology firm, postponed its Nasdaq debut, and Holtec Nuclear withdrew its planned US IPO. Total new listings at Nasdaq fell to 167 in the third quarter, down from 205 last year. Nasdaq beat estimates for quarterly earnings, and its shares were up 6.7% in morning trading.