IPO Activity Surges in 2025, SPACs Recover; Outlook for 2026 Remains Strong (NASDAQ: IPO)

In 2025, the U.S. IPO market rebounded from multi-year weakness, recording 354 offerings—up 136 from 2024 and 206 from 2023—while SPACs neared 2020 levels. Total capital raised in non-SPAC IPOs reached $440B, outpacing 2024 by $140B and 2023 by $240B. IT and industrial companies accounted for more than half of all IPOs, with notable financings including CoreWeave (CRWV-US) $15B, SailPoint (SAIL-US) $13.8B, Firefly Aerospace (FLY-US) $9.986B, and Medline (MDLN-US) $62.6B, the largest IPO of the year. Performance metrics improved: median first-day return was 13%, average 22%, with 71% of IPOs posting gains. By industry, healthcare led with a 39% average pop; consumer lagged with one offering; energy underperformed with a -38.5% average; and IT posted a -33% average. SPAC activity also rebounded, with 144 new listings in 2025—up 88 from 2024—of which 120 were actively seeking targets and 24 had announced transactions. Median SPAC fundraising reached $2B. Looking ahead, 2026 is forecast to maintain momentum, with major AI and space firms such as SpaceX, OpenAI, Anthropic AI, Databricks, and Stripe among potential IPOs amid continued AI investment.