Brew Markets – "The 2026 IPO Pipeline with Nasdaq’s Vice Chairman Bob McCooey"

Podcast: Brew Markets
Date: January 30, 2026
Host: Ann Berry
Guest: Bob McCooey, Vice Chairman of Nasdaq

Overview

This episode of Brew Markets dives into the anticipated wave of IPOs set for 2026, following a turbulent period in the public markets. Host Ann Berry meets Bob McCooey, the dynamic Vice Chairman of Nasdaq, live from the exchange’s iconic Times Square studio. The conversation covers the drivers behind the 2026 IPO pipeline, the Nasdaq’s global strategy, shifts in market trends, and how Nasdaq supports listed companies. Bob also shares insights into innovations in the Asian markets, why major names are moving listings to Nasdaq, and the evolving influence of retail investors.

Key Discussion Points

1. The State of the IPO Pipeline in 2026

• 2025 Recap and 2026 Outlook
  • After a "fatigue" period in 2023-2024 and some recovery in 2025 (202 IPOs over $50M market cap), 2026 is expected by some to "be the largest capital raise year in history" (05:01).
  • Reasons for the surge:
    • Private equity seeking liquidity.
    • Companies maturing and needing public capital.
    • Early-stage investors desiring exits.
    • The catalytic role of AI and spin-off innovations (in hardware, energy, datacenters).
• Expected Breadth of Listings:

  • More sectors involved, not just concentrated in tech or AI.

  • Increased quality and size of listings compared to previous years.

    Quote:
    “I do think that we will see a significant uptick in the number of listings, in the quality of listings, in the size of listings. And I think there’ll be a breadth across kind of all sectors..."
    — Bob McCooey (05:10)

2. High-Profile Rumored IPOs and Competition Among Exchanges

• Companies in the Rumor Mill:
  • SpaceX, Anthropic, Databricks, Canva, Fannie Mae/Freddie Mac.
• Bob's Response:
  • Cannot comment on specifics, but highlights Nasdaq’s value proposition and recent wins: 80% IPO capture over 5 years, and big wins like Walmart's switch from NYSE to Nasdaq (05:57).
  • Nasdaq as the "home of innovators"—associating with growth and entrepreneurship is a value add for clients.
• Notable Listings’ Switches:

  • Walmart (2025), Kimberly-Clark, Palantir, Domino’s Pizza, Shopify.

    Quote:
    "We have the most innovative companies. The companies that have defined the global economy over the past 25 years... we're about growth and innovation and entrepreneurship."
    — Bob McCooey (06:38)

3. What Distinguishes Nasdaq from Its Rivals

• Historic Embrace of Newcomers:

  • Nasdaq took on Apple, Starbucks, Microsoft when NYSE wouldn’t.

• Post-IPO Support:

  • Tools and services focused on investor relations—helping companies understand shareholder flows and communicate effectively.

    Quote:
    “Once you’re public, those investment banks... step away. We have the tools to help that company be a better public company.”
    — Bob McCooey (07:46)

• Walmart as a Case Study:

  • Walmart’s transition to e-commerce positions it alongside tech giants.

  • Being listed on Nasdaq helps change investor perception—from traditional retailer to technology-driven commerce leader.

    Quote:
    “When they come to Nasdaq, they get the chance to suddenly tell that story differently. They’re with these amazing e-commerce companies...”
    — Bob McCooey (09:30)

4. Nasdaq’s International and Asian Market Strategy

• Challenges for Asian Listings:
  • US investors historically didn’t understand complex Asian business models (e.g., “super app” Grab).
  • Nasdaq bridges cultural gaps through educational conferences in Europe, bringing Asian and global companies to international investors.
• Support for Global Companies:

  • Unique approach: “We run two conferences in London every single year...” to connect global companies with long-term European investors (11:15).

    Quote:
    “It’s just one of the things that we do here at Nasdaq to provide value to our companies... we don’t do things the same way as our competitor.”
    — Bob McCooey (12:25)

5. Expanding Physical and Global Presence

• Dallas Exchange:

  • Nasdaq opened a physical exchange in Dallas to reflect the significance of Texas's economy (8th largest globally) and regional company migration (14:15).

  • Emphasized “truly global, but really local” strategy with teams worldwide—Tokyo, Seoul, Hong Kong, Melbourne, Singapore, Manila.

    Quote:
    “NASDAQ is truly global, but really local.”
    — Bob McCooey (15:09)

6. Rise of the Retail Investor

• Continued Influence Post-Pandemic:
  • Retail investor dominance persists even after the COVID-era spike; the trend has long “tail” (16:54).
  • Many recent listings (like eToro) are catering to retail investors.
• Data and Stock Surveillance:

  • Nasdaq offers surveillance tools for companies to track major investors, flows, and help them allocate IR resources.

    Quote:
    “The retail investor is not going away... On the other side... for the corporates, how do they understand the flows in and out of their stock? And that's one of the key things that Nasdaq does...”
    — Bob McCooey (17:24)

7. Nasdaq as a Platform for Private Markets

• Private Market Infrastructure:
  • Nasdaq operates the largest private market, providing liquidity events for employees, founders, and early investors in companies that are choosing to stay private longer (21:04).
• Recycling of Public and Private Companies:

  • Companies often go private and then return to public markets—Nasdaq is positioned to support them at every stage.

    Quote:
    “When a company on NASDAQ gets bought by private equity... They'll be back.”
    — Bob McCooey (22:10)

Memorable Moments & Quotes

• On Walmart’s Switch:
  “In December. It was the largest transfer in exchange history. Oh, by far, far.”
  — Ann Berry & Bob McCooey (08:56)

• On Nasdaq’s Global Strategy:
  “My teammates are in Tokyo, in Seoul, in Hong Kong, Melbourne, Sydney, Singapore, Manila...”
  — Bob McCooey (15:00)

• On the Meaning of Football:
  “Well, it's a game you play with your feet, so wouldn't you want to call football?”
  — Bob McCooey (23:33)

Important Timestamps

• 02:18–05:40: IPO recap, 2026 outlook, drivers of activity
• 05:40–09:30: Rumored IPOs, Nasdaq vs NYSE, Walmart case study
• 10:38–12:25: Global expansion, Asian company strategies
• 13:57–15:09: Dallas exchange, regional and global reach
• 16:20–17:24: The retail investor’s rise
• 19:00–22:10: Nasdaq’s private market platform and recycling of public/private companies
• 23:21–23:44: Lighter football banter, episode wrap-up

Tone and Style

• Bob McCooey displays charismatic enthusiasm and deep knowledge, emphasizing Nasdaq’s culture of innovation, global reach, and partnership mentality.
• Ann Berry brings a sharp, engaging investor perspective, probing for tangible differences and gently teasing out specifics from Bob.

Conclusion

This episode provides a thorough and insightful look at the upcoming IPO landscape, Nasdaq’s differentiation strategies, and the exchange’s unique value both for established giants like Walmart and globe-spanning newcomers. Listeners gain a clear sense of market momentum, global dynamics, and the pivotal role Nasdaq aims to play in the financial world of 2026 and beyond.