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What smart money is saying about Intercontinental Exchange, Inc.United States flag

ICE · Financial Services · Financial - Data & Stock Exchanges · Market cap $94.41B

3 funds in our archive have pitched Intercontinental Exchange, Inc. — most recently Sequoia Fund in December 2025.

Company profile

Intercontinental Exchange, Inc., together with its subsidiaries, operates regulated exchanges, clearing houses, and listings venues for commodity, financial, fixed income, and equity markets in the United States, the United Kingdom, the European Union, Singapore, Israel, and Canada. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The company operates marketplaces for listing, trading, and clearing an array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange, and equities, as well as corporate and exchange-traded funds; trading venues, including 13 regulated exchanges and 6 clearing houses; and offers futures and options products for energy, agricultural and metals, financial, cash equities and equity, over-the-counter, and other markets, as well as listings and data and connectivity services. It also provides fixed income data and analytic, fixed income execution, CDS clearing, and other multi-asset class data and network services. In addition, the company offers proprietary and comprehensive mortgage origination platform, which serves residential mortgage loans; closing solutions that provides customers connectivity to the mortgage supply chain and facilitates the secure exchange of information; data and analytics services; and Data as a Service for lenders to access data and origination information. Intercontinental Exchange, Inc. was founded in 2000 and is headquartered in Atlanta, Georgia.

Fund coverage · 3 theses

  • Sequoia Fund
    December 2025

    Intercontinental Exchange has durable exchange moats, a fast-growing global natural gas benchmark, stabilizing mortgage tech, and attractive risk-reward at a low-20s P/E.

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  • Sands Capital Select Growth
    September 2025

    Intercontinental Exchange (ICE) is poised for long-term growth with strong underlying results and accelerating profitability in its Mortgage Technology division, despite short-term volatility in the broader market.

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  • Sands Capital Global Growth
    June 2025

    Intercontinental Exchange (ICE) is a leading financial exchange operator that has diversified its offerings across various derivatives, data services, and mortgage technology, positioning itself for sustained above-average earnings growth.

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