NASDAQ (NDAQ) Company Report

DevvStream Corp. and Southern Energy Renewables will merge into a Nasdaq-listed carbon-negative sustainable aviation fuel (SAF) and green methanol producer; Southern shareholders will own 70% and DevvStream shareholders 30%, following Southern’s $2 million investment in DevvStream.
Southern secured a $402 million bond allocation from the Louisiana Community Development Authority to underpin the combined entity’s flagship biomass-to-fuel facility in Louisiana, leveraging low-cost feedstock and integrated carbon capture to deliver one of the lowest lifecycle carbon profiles.
The merger aims to integrate carbon-credit expertise with biomass-to-fuel technology for aviation and maritime markets under decarbonization mandates like Europe’s ReFuelEU and IMO guidelines, establishing a two-division structure for climate solutions and clean fuel production.
Expected to close in H1 2026 subject to regulatory and shareholder approvals, with DevvStream chairman Carl Stanton slated as CEO; DevvStream’s stock dropped over 14% on the announcement.

1 day ago

Morningstar

Nasdaq details strategic transformation and growth

NDAQ

Nasdaq is now a technology platform with ~80% solutions revenue, operating as a Rule of 60-plus business, delivering double-digit revenue growth and 9% ARR growth in Q1–Q3 2025.
Fully integrated fintech acquisitions (Adenza and Verafin) have driven accelerated deleveraging to 3.2× leverage, early realization of $150 M in synergies, and a $100 M cross-sell target by 2027.
Core pillars include modern market infrastructure (135 markets, 19 owned), data/index solutions ($800 B AUM, >50% alpha growth with 9% alpha last quarter), and trust/compliance software.
Capital markets and listings momentum: $6 B executed IPO deals and 14 listings YTD with a strong 2026 pipeline; trading volumes remain high, driven by retail and 24/5 trading, supporting >20% of revenues.
Capital allocation focuses on fully funding organic R&D, a progressive dividend, continued deleveraging versus buybacks, and selective add-on M&A optionality.

2 days ago

Transcript

Nasdaq highlights technology transition and fintech integration at UBS 2025 Tech & AI Conference

NDAQ

Share Buyback

Revenue Acceleration/Inflection

Nasdaq is now a technology platform with 80% of revenue from solutions, a Rule of 60+ business and $2.2 billion revenue and EBITDA baseline under its current CEO since 2017.
Fintech segment integration (Adenza, Verafin) outperformed expectations: net leverage reduced to 3.2x 16 months ahead of plan, $150 million synergies achieved in one year vs. $80 million target, and a 15% cross-sell pipeline toward a $100 million goal by 2027.
Recurring revenue momentum with 9% year-over-year ARR growth for three consecutive quarters and anticipated acceleration as professional services fees convert to subscription revenue starting in Q4.
Capital markets pipeline strong with 14 IPOs worth $6 billion executed in Q3 and ongoing deals into 2026; index business delivered $91 billion LTM inflows with 38% from new products and over 50% alpha contribution.
Capital allocation balances organic R&D and a progressive dividend with debt reduction toward 3.0x leverage and stepped-up share buybacks.

2 days ago

Transcript

Nasdaq outlines transformation into technology platform at UBS Tech & AI Conference

NDAQ

Revenue Acceleration/Inflection

Share Buyback

Nasdaq now generates ~80% solutions revenue and is a Rule of 60+ business, with double-digit revenue growth and 9% ARR growth for the three quarters to Q3 2025.
The company’s strategy is built on three pillars: modern market architecture (135 markets powered), innovation (Nasdaq 100 and indexes with AUM up to $800 B), and trust via regtech and financial crime solutions.
Fintech integration with Adenza and Verafin has exceeded targets: leverage down to 3.2× 16 months early, synergies of $150 M achieved vs $80 M goal in one year, and a 15% cross-sell pipeline towards $100 M by 2027.
Momentum is expected to accelerate in Q4 2025 as new enterprise financial crime management signings and AxiomSL professional services fees convert to subscription ARR.
Capital allocation priorities include fully funding organic investments, a progressive dividend, and balancing deleveraging with share repurchases, supported by over $2 B of free cash flow.

2 days ago

Transcript

Nasdaq announces cash tender offers for senior notes

NDAQ

Nasdaq launched tender offers to repurchase up to $95.0 million of its outstanding debt, including up to $80.0 million of its 5.350% Senior Notes due 2028 and up to $10.0 million of its 3.950% Senior Notes due 2052.
Notes validly tendered by the early date (December 12, 2025) receive a $30 per $1,000 early tender premium plus accrued interest, with final pricing based on U.S. Treasury reference securities plus fixed spreads of 35 bps (2028) and 75 bps (2052).
The offers expire on December 30, 2025, with expected settlement on December 31, 2025 (or December 17 for early settlements), subject to conditions and proration.
Purchases will be funded from cash on hand and other liquidity, aiming to reduce total outstanding public debt.

3 days ago

8-K

DeepHealth launches Breast Suite for AI-powered breast cancer screening

NDAQ

Product Launch

DeepHealth, a subsidiary of RadNet, announced the launch of Breast Suite, a modular, interoperable AI-powered solution for breast cancer screening, detection, risk stratification and workflow optimization.
Breast Suite supports over 10 million mammograms annually and integrates ProFound Pro cancer detection, automated density assessment, AI risk assessment (2× accuracy vs. questionnaire models) and an in-development breast arterial calcification tool.
A real-world U.S. study of 579,000 women across 100+ sites demonstrated a 21% increase in cancer detection rate, with 23% more cancers detected in dense breasts and 20% more in Black, non-Hispanic women.
The suite’s workflow enhancements—including a cloud-first viewer, prioritized worklist, rapid alerts, AI-powered Safeguard Review and intelligent reporting—aim to improve turnaround times, consistency and reviewer performance.

4 days ago

Press Release

Hotel101 Global Announces JV for Hotel101-Milan Development

NDAQ

New Projects/Investments

Hotel101 Global signed a definitive joint venture to develop a 429-room Hotel101 in San Donato Milanese, Milan, approximately a 7-minute drive from Linate Airport.
The 1.4-hectare project is expected to complete by 2028 and generate EUR85.8 million in sales revenue at an assumed unit price of EUR200,000.
Hotel101-Milan will be the company’s second European property, complementing ongoing developments in Japan, Spain, the USA, and existing hotels in the Philippines.
The development incorporates energy-efficient designs, solar panels, and community-integrated amenities, subject to customary regulatory approvals.

6 days ago

Press Release

Nasdaq outlines Gen AI monetization and fintech growth at Global Tech Conference

NDAQ

New Projects/Investments

Nasdaq anticipates Gen AI revenue uplifts across its platforms, leveraging 10+ years of data prep and proprietary contributory data (Verafin: $10 trillion assets; eVestment: 89,000 strategies), with copilot upsells and agent-based services driving top-line gains and embedded bottom-line efficiencies (FY 2025 efficiency target raised to $140 M, surpassing the initial $80 M).
Verafin enterprise signings in Q3 tripled year-over-year with 2× average contract value, and Nasdaq’s fintech cross-sell pipeline remains robust at 15%, underpinning over $100 M of cross-sell synergies by 2027.
Core fintech platforms saw resumed growth (13% in Q3), underpinned by cloud-enabled Calypso, modular market-tech services for 130+ exchanges, high-speed trade management via Equinix colocation, and a strengthening regulatory-tech pipeline ahead of anticipated Basel III clarity.
The index franchise has scaled to $800 billion AUM (8× growth in eight years), pursuing three growth vectors—new products (NDX and non-NDX), international expansion, and deeper institutional penetration—while regulated and alternative data units expand alpha-generating datasets.
Nasdaq’s proposed exchange rules introduce optional tokenized securities settlement, maintaining existing liquidity and investor safeguards, and capital allocation remains focused on organic investment, a progressive dividend, and optimized share/debt repurchases.

Nov 19, 2025, 3:40 PM

Transcript

Nasdaq outlines GenAI strategy and fintech growth at tech conference

NDAQ

New Projects/Investments

Nasdaq is leveraging its moated contributory data—including Verafin’s >$10 trillion in bank assets and eVestment’s 89,000+ strategies—to roll out GenAI copilots and agents that can drive net retention and upsell opportunities across its businesses.
The fintech segment’s cross-sell pipeline remains at ~15%, supporting the company’s goal to achieve $100 million of synergy by 2027 and bolstering enterprise signings in Verafin, which saw 3× the number of deals and 2× ACV in the first three quarters.
Core infrastructure solutions (Calypso, trade management services, market tech) are positioned to benefit from tokenization, GenAI enhancements, and high switching costs, while regulatory tech (AxiomSL, Solovis, surveillance) is gaining momentum ahead of Basel III implementation and smart regulation.
The listing franchise underpins about 50% of U.S. market cap (20% globally), and the index business now oversees $800 billion AUM—an 8× revenue expansion over eight years—while the data division expands both regulated market data and bespoke alpha-generating datasets.

Nov 19, 2025, 3:40 PM

Transcript

Nasdaq outlines Gen AI monetization and growth drivers at RBC conference

NDAQ

Nasdaq highlights its proprietary contributory data—over $10 trillion in Verafin assets across 2,700 banks and 89,000 eVestment strategies—as a moat for Gen AI monetization via embedded copilots and volume-based agent upsells.
In Verafin, Nasdaq’s Gen AI copilot and sanctions agent automates review workflows—eliminating human review on 80% of alerts—driving significant compliance efficiencies and high ROIC for banks.
Its fintech infrastructure platforms (Calypso, market tech, trade management) leverage cloud and Gen AI to facilitate tokenization, modular exchange services, and low-latency trading connectivity, underpinned by new Equinix-powered data centers.
In regtech (AxiomSL and Solvency), Nasdaq anticipates Basel III clarity and leverages its 5,500 report templates and data lineage for 3,000 annual updates across 55 countries, with surveillance growth fueled by the Adenza acquisition.
CFO Sarah Friar reported surpassing the initial $80 million synergy goal, raising it to $140 million, and expects ongoing Gen AI-driven efficiencies alongside a structured 5–8% expense growth plan.

Nov 19, 2025, 3:40 PM

Transcript

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