US IPO Trends — 2025 in review (EY Swiss Fintech / Banking Barometer)

Summary

• The US IPO market saw 216 deals completed in 2025, up from 176 in 2024 and a recent low of 90 in 2022.p.3
• The TMT sector dominated US IPO activity, generating 38% of total deal volume and 34% of overall proceeds.p.3
• Healthcare produced the year's largest US deal with a $7.2 billion IPO in December 2025.p.3
• The SPAC market regained momentum in 2025 with nearly 150 new vehicles formed, exceeding 2023 and 2024 combined.p.4
• Globally, 1,293 IPOs were completed in 2025, raising $171.8 billion with proceeds jumping 39% over 2024.p.5

Key insights

1. US IPO market activity accelerated in 2025 despite challenges from trade concerns, inflation, and a government shutdown.p.2
2. The Technology, Media and Telecommunications (TMT) sector led the market, accounting for seven of the top 10 US IPOs by proceeds.p.3
3. Financial services IPO activity increased in 2025, primarily driven by multiple insurance offerings.p.3
4. Growth in larger IPOs has consistently fueled overall proceeds and transaction volume each year since 2022.p.3
5. The rebound in SPAC creation provides substantial public listing channels for target companies heading into 2026.p.4
6. Strong public investor appetite in 2025 was largely driven by artificial intelligence (AI) and digital asset companies.p.2
7. Global IPO proceeds increased 39% year-over-year in 2025 even as global deal counts remained flat.p.5