Global IPO market stabilises in 2025 while 2026 pipeline signals potential AI-led mega wave

• Global IPOs totalled 1,293 in 2025, raising US$171.8b, a 39% increase in proceeds year on year.
• Asia Pacific captured the largest share of global proceeds, while EMEIA led by deal count.
• Ireland recorded its first listing on Euronext Dublin’s Access/Access+ “springboard” market
• Potential ‘mega wave’ of AI IPOs in 2026 as leading GenAI companies actively consider listings

Dublin, 9 January 2026: The global IPO market ended 2025 on firmer footing, building on the rebound seen in Q3 as confidence strengthened further in the final quarter. According to the latest EY Global IPO Trends report, activity accelerated in the second half, supported by clearer monetary-policy signals and improving sentiment. Q4 was the strongest quarter for global IPO volumes since Q4 2022 (381 deals) and the strongest for proceeds since Q4 2021 (US$60 billion). Looking ahead, early indicators suggest 2026 could bring one of the most significant cycles of technology listings in over a decade, with a potential mega-wave of AI-driven IPOs on the horizon.

A total of 1,293 IPOs raised US$171.8 billion during 2025, representing a 39% year on year increase in proceeds despite broadly unchanged deal volumes. Industrials remained the strongest sector globally, while technology and AI aligned businesses continued to attract premium interest.

India remained the world’s most active listing destinations by deal count in 2025, registering a record 367 IPOs and raising US$22.9 billion, underpinned by deep domestic investor participation and a strong flow of SME listings. Asia-Pacific IPO markets delivered strong performance in 2025. While deal count stayed flat, the region achieved a 106% surge in proceeds compared with 2024, with seven out of the top 10 global deals taking place in the region.  In the Americas, the US IPO market strengthened, with deal count and proceeds up 27% and 38% year on year, respectively, and total IPO proceeds of about US$45.5 billion, the largest globally in 2025.

Ireland ended the year with a meaningful milestone for its domestic listings landscape, as Senus PLC – an environmental and natural capital software provider – became the first company to list on Euronext Dublin’s Access/Access+ market, the exchange’s “springboard” platform for SMEs and scale ups. Senus began trading in December marking a positive step for Ireland’s ambitions to rebuild local listing pathways and provides another route for companies seeking capital to expand their business.

The development builds on policy improvements announced late last year, including the stamp duty exemption for smaller Irish listed companies, aimed at strengthening the country’s capital markets ecosystem and attracting more indigenous enterprises to consider public listings.

Regional IPO highlights in 2025

Across regions, EMEIA remained the most active market by deal count. Asia‑Pacific continued to lead in proceeds, with seven of the year’s top 10 global IPOs taking place in the region, supported by strong activity in Hong Kong and an improving pipeline in the Chinese mainland. Japan also recorded fewer deals but a 33% increase in proceeds, highlighting the strength of larger offerings. The Americas saw more large‑scale IPOs come to market in the second half of the year, while investors across regions stayed selective, favouring companies with steady performance and clear plans for long‑term growth.

Across Europe, IPO activity reflected a year of structural recalibration rather than retrenchment. Deal count fell 20% to 105 IPOs compared to 131 last year, while proceeds declined 10% from 2024 to US$17.3b. Much of this adjustment can be attributed to the ongoing competition between public and private markets, where companies are staying private longer due to ample dry powder in the private sector. Consequently, Europe is seeing less IPO activity, and those that do come to market tend to feature more resilient cash flow-oriented business models, stronger governance and clearer value-creation roadmaps. Furthermore, Europe’s pipeline is becoming increasingly transformational, aligned with themes such as AI adoption, advanced manufacturing, energy transition and supply chain redesign.

Fergal McAleavey, EY Ireland Corporate Finance Partner, says: “Last year we saw a global market that had begun to stabilise after a prolonged period of volatility. Investor sentiment improved, monetary conditions eased and high‑quality issuers were rewarded with constructive pricing and stronger aftermarket performance.

As we look ahead, 2026 is shaping up to be a potentially pivotal year for global capital markets. With companies like SpaceX, OpenAI and Anthropic actively exploring possible IPOs – each with the scale to command tens if not hundreds of billions of dollars – the market could see one of the most significant cycles of large‑cap technology listings in over a decade. This wave of activity could create opportunities for other businesses considering an IPO, but standing out will require more than ambition. Companies need to ensure they maintain strategic flexibility, tell a clear story about their business and make sure their foundations are strong. In a market that opens and closes quickly, those that prepare early will be best placed to act when opportunities appear.

Ireland’s first listing on the new Euronext Access+ market is a particularly important milestone. After years without domestic IPO activity, the combination of targeted Government measures: including the stamp‑duty exemption for smaller Irish‑listed companies, and Euronext Dublin’s work to establish a simplified ‘springboard’ market has created a more practical pathway for early‑stage and scaling businesses to consider going public.

While the Irish pipeline remains modest for now, the underlying fundamentals are encouraging. With recognised strengths in fintech, medtech and AI‑enabled innovation, Irish companies that prioritise readiness will be well placed to step forward as confidence continues to build in 2026.”

Navigating a nonlinear, accelerated and volatile market

IPO activity in 2025 unfolded within a distinctly NAVI environment – nonlinear, accelerated, volatile and interconnected – that reshaped issuer behaviour and investor priorities. Industrials (22%) and technology, media and telecommunications (21%) accounted for the largest share of global IPO proceeds, highlighting a pronounced tilt toward sectors with resilient earnings and AI aligned growth models. Investor selectivity intensified as volatile rate expectations, geopolitical shocks and AI related valuation swings repeatedly opened and closed issuance windows. Private equity backed IPOs illustrated this concentration effect: although sponsors represented only 103 deals, or 8% of total IPOs, they generated US$62.1 billion in proceeds, accounting for 36% of global IPO fundraising.

Regional disparities also sharpened, with the US seeing TMT contribute nearly 40% of its proceeds, while Europe’s issuance leaned toward industrials, financial services and real estate. In this NAVI backdrop, investors focused on companies that were well‑run, showed steady financial performance and explained clearly how AI supports their growth. These firms stood out because they were better prepared and more able to adapt as conditions changed.

For more insights, please refer to the EY Global IPO Trends 2025 report: EY Global IPO Trends 2025 | EY - Ireland

ENDS

Notes to Editors:

About the Methodology:

EY analysed IPO data for 2025 to identify key IPO market trends and the outlook for 2026. The analysis utilised data provided by Dealogic, S&P Capital IQ, PitchBook, Merger market and EY analysis. Special purpose acquisition company (SPAC) data are excluded from all data in this report, except where indicated. EY Global IPO Trends 2025 | EY - Global