2025 Going Public: US IPO Report

The U.S. IPO market delivered a strong performance in 2025. With the third-highest number of IPOs in any year in the past decade, surging deal sizes and the return of fintech issuers, 2025 brought a continued IPO growth trajectory. The 2026 calendar year started strong but has since been tempered by geopolitical events and market volatility.

We review the key deal terms for traditional IPOs with base deal sizes of $75 million and above, present a detailed analysis of the 2025 IPO market and provide guidance on what to expect this year in our 2025 Going Public: US IPO Report. The following takeaways are a snapshot of the trends identified in our report.

• Scale Is Back: The landmark story of 2025 was the return of larger deal sizes. Private equity sponsor-backed Medline’s upsized $6.26 billion offering, the third-largest IPO of the past decade, headlined a year in which the number of $1 billion-plus IPOs doubled. Deals with gross proceeds over $750 million grew by 113%, representing 24% of market activity.
• Pricing Power Returned: Demand for issuers going public in 2025 was robust, with 86% of IPOs pricing at or above the midpoint and 58% pricing above the midpoint. Those issuers pricing above the midpoint experienced a higher average price increase compared to 2024. The technology and industrial sectors led on overall pricing strength.
• Return of Fintech: The Trump administration’s pro-fintech regulatory posture and its commitment to establishing a federal framework for digital assets, as evidenced by the passage of the landmark GENIUS Act in July 2025, provided an opportunity for a wave of long-anticipated fintech IPOs, collectively driving a 233% year-over-year increase in the number of fintech issuers.
• Sector Shake-Up: Though still the year’s leading IPO sector, the incidence of healthcare deals lagged in 2025 to the lowest proportion of the IPO market this decade, dropping from 40% of deals in 2024 to 26% in 2025. On the other hand, thanks in part to the increase of fintech issuers, financial services deals rose to the No. 2 slot, representing 23% of IPOs in 2025 compared to 11% in 2024.