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Q3 2025 has revitalized IPO enthusiasm

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4 minute read 24 Oct 2025
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IPO
Financial accounting advisory services
Assurance
Tech sector
Private business

Most active quarter in US IPOs since 2021 has created confidence and fueled optimism.

In brief

  • The third quarter of 2025 saw 23 deals that raised $100 million or more, including five IPOs raising more than $1 billion each.
  • Technology, media and telecommunications (TMT) accounted for a third of deals and more than half of proceeds raised.
  • The number of IPOs and total proceeds raised in 2025 has already outpaced 2024 levels, continuing the recovery of the IPO market. 

The US IPO market re-accelerated in Q3 2025, raising nearly $8 billion in proceeds in September alone. This surge in dealmaking propelled the total number of deals and proceeds for the first nine months of 2025 to full year 2024 levels. Strong aftermarket performance helped drive this activity and has set the stage for additional activity in Q4, assuming the government shutdown ends soon.


The US IPO market: Q3 2025 in review 

The third quarter saw 65 IPOs raise $15.7 billion, a substantial increase from the 40 IPOs that secured $8.6 billion in Q3 2024. Year-to-date, 176 IPOs have generated over $30 billion, marking a 20% increase compared to the previous year. This surge reflects a 63% rise in deal count and an 84% increase in proceeds compared to the same quarter last year.

Driving this momentum were 23 deals that raised $100 million or more, including five IPOs that exceeded $1 billion each. More than 90% of IPOs exceeding $100 million priced within or above their initial ranges, while the median first-day trading gain for these offerings was a healthy 15%.


The TMT sector led the charge, representing a third of deals and more than half of proceeds raised. Artificial intelligence (AI) and crypto, which captivated news headlines, generated significant excitement in the market. Financial services and industrials also produced some notable deals, while the historically prolific biotech sector remained challenged.

Q4 2025 outlook

Optimism is high for the remainder of the year, assuming the government shutdown is resolved and the market backdrop remains accommodating. Given the strength of today’s IPO backlog, this year could be the first since 2021 that begins to approach historical norms in the IPO market, assuming valuations remain constructive and market volatility remains in check. 

Top five things IPO aspirants should do now

Potential public market aspirants should redouble readiness efforts to capitalize on this accommodating market environment.

How EY can help

  • IPO readiness assessment

    With decades of experience helping companies go public, our IPO readiness assessment team can help you get ready for the big day — and beyond. Learn how.

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Global IPO market

 

In the third quarter of 2025, global equity markets staged a strong recovery, with major indices in the US, Asia and Europe reaching fresh highs after months of pressure from tariffs, interest rate uncertainty and debt concerns. This rebound has been underpinned by easing financial conditions, moderating inflation in some regions and declining market volatility, alongside some meaningful regulatory reforms that are streamlining listing processes.

 

“Global IPO momentum, fueled by robust equity markets, monetary easing and more accommodative financial conditions, is accelerating. For issuers, opportunities expand for those who can harness macro trends, translate AI-driven disruption into growth, navigate geopolitical complexity and deliver narratives that resonate with investor selectivity and long-term value creation,” says EY Global IPO Leader George Chan.

 

For an in-depth look at global trends, read the full report.

Summary

US IPO market activity reaccelerated in Q3 2025, with 65 IPOs raising $15.7 billion, including nearly $8 billion in September alone. The surge was driven by 23 deals exceeding $100 million, five of which surpassed $1 billion. TMT led the activity with AI and crypto generating strong interest. Optimism is high for the remainder of the year and next year, assuming the government shutdown is resolved and the market backdrop remains accommodating.

Previous US IPO reports

EY US guide to going public

An IPO can be a strategic transformational event in the lifecycle of a company. Use this for an overview of the paths to going public, and key considerations to assess.

 

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