Rachel Racz, Head of Listings for Texas, Southern U.S., and Latin America at Nasdaq [Composite illustration: DI Studio, Istockphoto, courtesy photo]
Rachel Racz
SVP and Head of Listings for Texas, Southern U.S., and Latin America
Nasdaq
… via a private dinner for Startup of the Year semi-finalists at the Dallas Petroleum Club, co-hosted by Susser Bank and Nasdaq
At a private dinner at the Petroleum Club ahead of the Venture Dallas Startup Awards—and just weeks before Nasdaq announced its new Nasdaq Texas exchange—Rachel Racz delivered a message that landed in a room full of high-growth founders.
“Don’t prep for public markets until you’re ready for public markets,” she told founders. “Build your business.”
Racz, who leads Nasdaq listings for Texas, the Southern U.S., and Latin America, told entrepreneurs that their first job is to build a business with the right foundation and the operational maturity that public-company investors expect—before ringing any bells.
“Governance is critical, leadership is critical,” she said.
In the first half of 2025, Nasdaq welcomed 142 IPOs raising $19.2 billion, the highest first-half volume since 2021, including the largest technology IPO of the year, according to a July Nasdaq announcement. The exchange also maintained an 86% win rate among eligible U.S. listings and saw companies such as Shopify and Kimberly-Clark transfer their listings to Nasdaq—crossing $3 trillion in market value transferred since 2005.
“Great companies go public on Nasdaq, and most of these companies are already making money,” Racz said. “Get your company to a point where you’re making money before you start thinking about the public markets.”
She noted that Nasdaq works with companies long before they consider going public. Through Nasdaq Private Markets, the exchange helps growth-stage teams create employee liquidity and manage secondary transactions. She said Nasdaq also supports operators with everything from transfer agents to roadshow preparation as teams grow toward public readiness.
For more on the 2025 Venture Dallas Startup of the Year winners and honorees—including StableCore, Worlds, and BILT, see Dallas Innovates’ full coverage of this year’s awards.
For more of who said what about all things North Texas, check out Every Last Word.
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