NASDAQ Quietly Raises Fees While Nobody's Looking
Published Date: 12/15/2025
Notice
Summary
Starting January 1, 2026, Nasdaq is changing the fees for companies that list their stocks on its Global, Global Select, and Capital Markets. New companies will see updated entry fees, and current companies will face adjusted all-in-one annual fees. These changes affect both U.S. and international companies and aim to keep Nasdaq’s fees fair and clear.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 2 costs, 1 mixed.
New $325,000 Entry Fee for Global Listings
If you are a company listing a primary class of equity on the Nasdaq Global or Global Select Market, the entry fee increases from $295,000 to $325,000 effective January 1, 2026. The change applies to companies listing that class for the first time on those markets.
Higher Annual Listing Fees by Share Tier
Nasdaq raises many all‑inclusive annual listing fees effective January 1, 2026. For example, on the Global/Global Select Markets the fee for companies with up to 10 million shares rises from $56,000 to $59,500, and on the Capital Market the up-to-10-million-shares fee rises from $53,000 to $56,000; other share tiers also see increases.
Short Grandfather Window for Old Fees
Nasdaq says any company that submits its application before January 1, 2026 and actually lists before February 15, 2026 will pay the prior entry fee schedule. This gives companies already far along in the process a chance to avoid the new fees.
Some Listing Types Not Getting Entry-Fee Hike
Nasdaq is not increasing the minimum entry fees for additional classes of equity securities, Acquisition Companies, Closed‑End Funds, and any class of rights, and it is not changing Entry Fees on the Nasdaq Capital Market. Those listing types remain on their current entry fee schedules.
Planned Move Toward Per‑Share Fee Structure
Nasdaq states it intends, over time, to transition its all‑inclusive annual fee to a per‑share calculation (with a minimum and maximum fee) instead of the current tiered approach. Nasdaq says it considered per‑share outcomes when setting the 2026 tiered fees.
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