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Exchanges make money each time a stock they host changes hands, but trading volumes are unpredictable. Listing fees, by contrast, are stable, and can add up to as much as a half-million dollars a year per company. Winning big listings confers coveted bragging rights.
Arm, Klaviyo and Birkenstock could debut as early as September. Arm plans to seek a valuation of more than $50 billion, while Birkenstock is looking for more than $7 billion. Klaviyo is likely to target more than $5 billion, according to people familiar with the matter. Instacart recently updated its internal valuation to around $12 billion.
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