"2025 marked a strong rebound for U.S. IPOs, despite the late-year disruptions in Q4 from tariffs and the government shutdown. The largest offering since 2021, Medline, made its debut heading into the holidays and surged more than 40% above its IPO price, signaling strong investor demand. Investor appetite for high-quality issuers remains clear, setting the stage for an active 2026 driven by moderating inflation, expected interest rate cuts, and a healthy pipeline of IPO-ready companies. With market windows shifting rapidly, operational maturity and flexibility are essential. Completing governance upgrades, strengthening financial reporting, and refining equity stories will position issuers optimally to seize opportunities in a steady, fundamentals-driven IPO environment." Craig Clay, President of Global Capital Markets, DFIN
Congratulations to the 41 companies in Q4 that made their public debut via a traditional IPO, raising over $13.2 billion and the 8 that made their public debut via a SPAC merger. Special congratulations to our clients:
- Andersen Global
- Beta Technologies
- BillionToOne
- Boyd Group Services
- Evommune
- Exzeo
- Fusemachines
- Gloo Holdings
- Grupo Aeroméxico
- Lumexa Imaging
- MapLight Therapeutics
- Medline
- Phoenix Education
