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.

• Four U.S. options exchanges with distinct allocation and pricing models, plus a U.S. equities exchange and two futures exchanges.

• Expanded internationally via acquisitions of Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE).

• Revenue streams include transaction fees, access fees, market data, and listing fees.

• Focus on innovation, product development, and leveraging technology for scalability and reliability.

Financial performance and metrics

• For the six months ended June 30, 2025: revenues less cost of revenues $196.5M; net income $2.1M; adjusted EBITDA $88.9M (45.2% margin).

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

• FY 2023: revenues less cost of revenues $232.5M; net loss $(21.4)M; adjusted EBITDA $67.2M.

• FY 2022: revenues less cost of revenues $195.6M; net income $57.3M; adjusted EBITDA $57.3M.

• Options segment is the primary revenue driver, with significant growth in trading volumes and market share.

• Top three customers accounted for 39.7% of total revenue in H1 2025.

Use of proceeds and capital allocation

• IPO expected to raise ~$268.3M (or ~$310.2M if underwriters exercise option in full) at $20/share midpoint.

• Proceeds to repay $140M 2029 Senior Secured Term Loan, with remainder for working capital, general corporate purposes, and potential acquisitions.

• Upon closing, liabilities for puttable common stock and warrants (~$142.4M) will be extinguished and reclassified to equity.