纳斯达克以其高科技、高增长和创新型公司的集中地而闻名，许多世界科技巨头如苹果(AAPL)、微软(MSFT)、亚马逊(AMZN)、谷歌母公司Alphabet(GOOG)、英伟达(NVDA)、特斯拉(TSLA)、Meta(META)等均在此上市，该交易所同时亦吸引了大量生物技术、金融服务、零售和通信等新兴行业公司。

作为全球性的交易所，纳斯达克为不同发展阶段和规模的公司设立了三层市场结构，依次为：

纳斯达克全球精选市场(Nasdaq Global Select Market)：标准最高，吸引全球大型蓝筹和明星企业;

纳斯达克全球市场(Nasdaq Global Market) ：中型企业，为成长型公司设计;

纳斯达克资本市场(Nasdaq Capital Market)：小型企业，专为规模较小、处于成长初期的公司设计。

每一层有相应的上市条件。2025年9月，纳斯达克拟提高其上市门槛，同年12月获美国SEC批准(详情请见：纳斯达克新规落地：上市门槛全面提升 还有一项针对中国公司更严标准正在审查中)，目前该新规已生效，以下为其最新上市条件。

1、纳斯达克全球精选市场：财务和流动性要求

(须满足以下四个标准中的任意一个标准，并满足适用的流动性要求，见图2)

标准一(盈利)：近3年税前利润总和≥1100万美元，且近2年每年≥220万美元;

标准二(市值+现金流)：近3年总现金流≥2750万美元，市值≥5.5亿美元。上年营收≥1.1亿美元;

标准三(市值+收入)：市值≥8.5亿美元，上年收入≥9000万美元;

标准四(资产+权益)：市值1.6亿美元，总资产8000万美元，股东权益5500万美元。

2、纳斯达克全球市场：财务和流动性要求

(须满足以下四个标准中的任意一个标准)

标准一(收入)：近1年或3年中两年税前利润$100万，股东权益1500万美元，非受限公众持股市值1500万美元;

标准二(权益)：股东权益3000万美元，2年经营历史，非受限公众持股市值1800万美元;

标准三(市值)：上市证券价值7500万美元，非受限公众持股市值2000万美元;

标准四(资产/收入)：总资产7500万美元，总收入7500万美元，非受限公众持股市值2000万美元。

** Companies listing in conjunction with an initial public offering must meet this requirement solely with the offering proceeds.

In addition to the above requirements, if the security is trading in the U.S. over-the-counter market as of the date of application, the security must have a minimum average daily trading volume of 2,000 shares (including trading volume of the underlying security on the primary market with respect to an ADR), over the 30 trading day period prior to listing, with trading occurring on more than half of those 30 days, unless such security is listed on the Exchange in connection with a firm commitment underwritten public offering of at least $15 million. Companies that need to complete a firm commitment public offering to comply with this requirement, must meet the applicable Market Value of Unrestricted Publicly Held Shares solely from the offering proceeds.A company that principally administers its business in a Restrictive Market, and is conducting an initial public offering, must offer a minimum amount of securities in a firm commitment underwritten public offering in the U.S. to public holders that (i) will result in gross proceeds to the company of at least $25 million or (ii) will represent at least 25% of the company’s post-offering Market Value of Listed Securities, whichever is lower. A company that is conducting a business combination with an entity that principally administers its business in a Restrictive Market must have a minimum market value of unrestricted publicly held shares following the business combination equal to the lesser of (i) $25 million or (ii) 25% of the post-business combination entity’s market value of listed securities.

3、纳斯达克资本市场：财务和流动性要求

(须满足以下三个标准中的任意一个标准)

标准一(权益)：股东权益500万美元，非受限公众持股市值1500万美元，2年经营历史;

标准二(市值)：股东权益400万美元，非受限公众持股市值1500万美元，上市证券价值5000万美元;

标准三(净收入)：股东权益400万美元，非受限公众持股市值1500万美元，最近1年或3年中两年净利润$75万。

** Companies listing in conjunction with an initial public offering must meet this requirement solely with the offering proceeds

In addition to the above requirements, if the security is trading in the U.S. over-the-counter market as of the date of application, the security must have a minimum average daily trading volume of 2,000 shares (including trading volume of the underlying security on the primary market with respect to an ADR), over the 30 trading day period prior to listing, with trading occurring on more than half of those 30 days, unless such security is listed on the Exchange in connection with a firm commitment underwritten public offering of at least $15 million. Companies that need to complete a firm commitment public offering to comply with this requirement, must meet the applicable Market Value of Unrestricted Publicly Held Shares solely from the offering proceeds.A company that principally administers its business in a Restrictive Market, and is conducting an initial public offering, must offer a minimum amount of securities in a firm commitment underwritten public offering in the U.S. to public holders that (i) will result in gross proceeds to the company of at least $25 million or (ii) will represent at least 25% of the company’s post-offering Market Value of Listed Securities, whichever is lower. A company that is conducting a business combination with an entity that principally administers its business in a Restrictive Market must have a minimum market value of unrestricted publicly held shares following the business combination equal to the lesser of (i) $25 million or (ii) 25% of the post-business combination entity’s market value of listed securities.

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