Miami International (MIAX) Registration Filing summary

Company overview and business model

• Operates regulated financial marketplaces across options, equities, futures, and international listings, powered by proprietary technology.

• Holds a broad portfolio of U.S. exchange and clearing licenses, including SEC and CFTC-regulated venues.

• Expanded internationally through acquisitions of BSX (Bermuda) and TISE (Guernsey), providing access to global capital markets.

• Revenue streams include transaction fees, access fees, and market data fees from exchange activity.

• Launched new products and platforms, including MIAX Sapphire and MIAX Futures Onyx, and secured exclusive rights to list Bloomberg index-based derivatives.

Financial performance and metrics

• For the nine months ended September 30, 2025: revenues less cost of revenues were $306.0M; net loss was $100.0M; adjusted EBITDA was $136.9M (44.7% margin).

• FY 2024: revenues less cost of revenues $275.6M; net income $102.0M; adjusted EBITDA $82.1M (29.6% margin).

• Options segment: 1.69B contracts traded in 2024 (6.5% YoY growth); 1.7B contracts in first nine months of 2025 (38.9% YoY growth).

• Equities segment: 49.9B shares traded in 2024 (6.2% YoY growth); 34.7B shares in first nine months of 2025 (down 8.4% YoY).

• Significant customer concentration: top three customers accounted for 19%, 15%, and 11% of revenue in the first nine months of 2025.

Use of proceeds and capital allocation

• The company will not receive proceeds from this secondary offering; all proceeds go to selling stockholders.

• Proceeds from the August 2025 IPO ($396.8M) were used to fully repay outstanding borrowings under the 2029 Senior Secured Term Loan.

• Ongoing investments in technology, product development, and international expansion.