NDAQ: INVESTOR AB; Innax AB reported buying shares

<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-06-11</periodOfReport>

    <issuer>
        <issuerCik>0001120193</issuerCik>
        <issuerName>NASDAQ, INC.</issuerName>
        <issuerTradingSymbol>NDAQ</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000889232</rptOwnerCik>
            <rptOwnerName>INVESTOR AB</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>ARSENALSGATAN 8C</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>STOCKHOLM</rptOwnerCity>
            <rptOwnerNonUSStateTerritory>SWEDEN</rptOwnerNonUSStateTerritory>
            <rptOwnerCountry>V7</rptOwnerCountry>
            <rptOwnerZipCode>SE-103 32</rptOwnerZipCode>
            <rptOwnerStateDescription>SWEDEN</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001513454</rptOwnerCik>
            <rptOwnerName>Innax AB</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>ARSENALSGATAN 8C</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>STOCKHOLM</rptOwnerCity>
            <rptOwnerNonUSStateTerritory>SWEDEN</rptOwnerNonUSStateTerritory>
            <rptOwnerCountry>V7</rptOwnerCountry>
            <rptOwnerZipCode>SE-103 32</rptOwnerZipCode>
            <rptOwnerStateDescription>SWEDEN</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-06-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>56782</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>85.98</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>58439208</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The price reported in Column 4 is a weighted average price. These shares of common stock, par value $0.01 per share (the &quot;Shares&quot;) were purchased in multiple transactions at prices ranging from $85.81 to $86.00 per Share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of Shares purchased at each separate price within the range set forth in this footnote.</footnote>
        <footnote id="F2">Reflects Shares of the Issuer held directly by Innax AB (formerly known as Patricia Holding AB). Investor AB is the sole shareholder of Innax AB.</footnote>
        <footnote id="F3">Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person. Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>See Exhibit 99.1</signatureName>
        <signatureDate>2026-06-15</signatureDate>
    </ownerSignature>
</ownershipDocument>