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Nasdaq · Americas

Nasdaq Stock Market

Listing requirements, segments and the practical points that matter for a company from the CIS, Central Asia or the Gulf.

Data checked: 6 November 2026
Location
New York, United States
Regulator
U.S. Securities and Exchange Commission (SEC); Nasdaq Listing Rules 5000 series
Trading currency
USD
Indicative timeline
Not specified

Listing segments

Nasdaq Global Select Market

Minimum market capitalisation
USD 160m
Minimum free float
Not specified
Track record
Not specified
Profit required
No
Minimum shareholders
450
Lock-up
Not specified

Meet one of four standards (Rule 5315): (1) Earnings: aggregate pre-tax earnings over 3 FY at least USD 11m, each year positive, at least USD 2.2m in each of last 2 years; (2) Cap with cash flow: cash flows USD 27.5m over 3 FY (each positive), average market cap USD 550m, revenue USD 110m; (3) Cap with revenue: average market cap USD 850m, revenue USD 110m; (4) Assets with equity: market cap USD 160m, total assets USD 80m, equity USD 55m. Liquidity: 450 unrestricted round lot holders or 2,200 total holders; 1.25m unrestricted publicly held shares; market value of unrestricted publicly held shares USD 45m for IPOs; bid price USD 4. Lock-up of 180 days is market practice, not a rule. Exchange review of the application typically takes 4-6 weeks (Nasdaq Initial Listing Guide, January 2026). Restrictive Market companies (PCAOB has no inspection access) in an IPO must raise the lower of USD 25m or 25% of post-offering market value in a US firm commitment offering. China-based companies (incl. Hong Kong and Macau), Rule 5210(l), approved by the SEC on 14 May 2026: IPO gross proceeds at least USD 25m in a US firm commitment offering; direct listings only on Global Select.

Nasdaq Global Market

Minimum market capitalisation
USD 75m
Minimum free float
Not specified
Track record
Not specified
Profit required
No
Minimum shareholders
400
Lock-up
Not specified

Meet one of four standards (Rule 5405): Income: pre-tax income USD 1m (latest FY or 2 of last 3), equity USD 15m, MVUPHS USD 15m; Equity: equity USD 30m, 2 years operating history, MVUPHS USD 18m; Market Value: market value of listed securities USD 75m, MVUPHS USD 20m; Total Assets/Revenue: USD 75m each, MVUPHS USD 20m. All: 1.1m unrestricted publicly held shares, 400 unrestricted round lot holders, bid price USD 4, 3-4 market makers. In an IPO the MVUPHS must be met from offering proceeds alone. Direct listings have higher thresholds. Restrictive Market companies (PCAOB has no inspection access) in an IPO must raise the lower of USD 25m or 25% of post-offering market value in a US firm commitment offering. China-based companies (incl. Hong Kong and Macau), Rule 5210(l), approved by the SEC on 14 May 2026: IPO gross proceeds at least USD 25m in a US firm commitment offering; direct listings only on Global Select.

Nasdaq Capital Market

Minimum market capitalisation
USD 50m
Minimum free float
Not specified
Track record
Not specified
Profit required
No
Minimum shareholders
300
Lock-up
Not specified

Meet one of three standards (Rule 5505): Equity: equity USD 5m, 2 years operating history; Market Value of Listed Securities: USD 50m, equity USD 4m; Net Income: net income USD 750,000 (latest FY or 2 of last 3), equity USD 4m. MVUPHS USD 15m under all three standards (for the net income standard raised from USD 5m in December 2025). All: 1m unrestricted publicly held shares, 300 unrestricted round lot holders (half holding at least USD 2,500 each), 3 market makers, bid price USD 4 (or closing price USD 3 / USD 2 under the MVLS standard). The Equity and Net Income standards have no market cap test; USD 50m is the MVLS standard. Restrictive Market companies (PCAOB has no inspection access) in an IPO must raise the lower of USD 25m or 25% of post-offering market value in a US firm commitment offering. China-based companies (incl. Hong Kong and Macau), Rule 5210(l), approved by the SEC on 14 May 2026: IPO gross proceeds at least USD 25m in a US firm commitment offering; direct listings only on Global Select.

Foreign issuers

Foreign private issuers list under the same quantitative standards, usually via ADSs or ordinary shares, and may follow home-country governance practices with disclosure. Additional rules apply to Restrictive Market and China-based companies (minimum US firm commitment IPO of USD 25m).

Cost drivers

Nasdaq Initial Listing Guide (January 2026): entry fee Global Select and Global Market USD 325,000 flat incl. USD 25,000 application fee (USD 295,000 for applications before 1 Jan 2026 listing before 15 Feb 2026); Capital Market USD 50,000 (up to 15m shares) or USD 75,000 (over 15m), incl. USD 5,000 application fee. All-inclusive annual fee on Global Select/Global Market from USD 59,500 (from 1 Jan 2026).

Recent changes

2025: IPO companies must meet the MVUPHS requirement from offering proceeds alone. December 2025: SEC approved raising MVUPHS under the net income standard to USD 15m (Global and Capital Market). 14 May 2026: SEC approved Rule 5210(l) for China-based companies (USD 25m minimum firm commitment IPO, direct listings only on Global Select), effective mid-June 2026. 22 July 2026: SEC approved a USD 5m minimum market value of listed securities continued listing standard, effective 23 July 2026, with suspension and delisting without a cure period after 30 consecutive business days below it. Entry fee raised to USD 325,000 from 2026.

Strengths

  • Technology and growth companies seeking the deepest US investor base
  • Pre-profit companies: equity and market value standards do not require earnings
  • Smaller issuers via Capital Market with modest equity thresholds

Watch-outs

  • SEC registration (F-1/S-1), PCAOB audit and US litigation exposure
  • Tightened 2025-2026 rules: USD 15m minimum public float value, USD 25m minimum IPO for China-based issuers, accelerated delisting below USD 5m market value

Sources

  1. 01Nasdaq Initial Listing Guide, January 2026primary source
  2. 02Greenberg Traurig - SEC Approves Nasdaq's USD 25 Million IPO Requirement for China-Based Companies (May 2026)
  3. 03Greenberg Traurig - SEC Approves Nasdaq's New USD 5 Million MVLS Continued Listing Standard (July 2026)
  4. 04Ropes & Gray - Capital Markets & Governance Insights, February 2026

Requirements change. Always confirm with the exchange and the regulator before making decisions.

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Information on this site is educational. It is not investment advice, an offer of securities or financial advice. Exchange requirements change; always check the primary sources. Full disclaimer