Ticker LaunchUS IPO statistics: 2025
185 companies priced US IPOs in 2025, raising $39.54B. The median deal raised $15M ($308.3M among deals over $25 million), and the largest was Medline Inc. at $6.26B. 19% of deals with a filed range priced above it and 7% below it.
2026 2025 2024 2023 2022 2021 2020 2019
By quarter
| Quarter | IPOs | Raised |
|---|---|---|
| Q1 | 50 | $7.84B |
| Q2 | 41 | $4.56B |
| Q3 | 59 | $14.14B |
| Q4 | 35 | $13B |
By sector
| Sector | IPOs | Raised |
|---|---|---|
| Technology | 31 | $8.25B |
| Consumer | 29 | $1.99B |
| Financials | 26 | $8.57B |
| Business services | 22 | $548.4M |
| Healthcare | 19 | $8.64B |
| Industrials & materials | 19 | $4.56B |
| Biotech & pharma | 12 | $1.32B |
| Other | 10 | $1.39B |
| Transportation | 8 | $328M |
| Energy, mining & utilities | 6 | $3.23B |
| Agriculture | 2 | $12.2M |
| Real estate & finance | 1 | $682.5M |
By exchange
| Exchange | IPOs |
|---|---|
| Nasdaq | 138 |
| NYSE | 33 |
| NYSE American | 14 |
Pricing versus the filed range
| Priced | Share of deals |
|---|---|
| Above the range | 19% |
| Within the range | 74% |
| Below the range | 7% |
Based on the 81 IPOs whose filings set a price range.
Largest IPOs
| Company | Priced | Raised | Market cap | Lead-left |
|---|---|---|---|---|
| Medline Inc. | Dec 18, 2025 | $6.26B | $38.1B | Goldman Sachs |
| Venture Global, Inc. | Jan 24, 2025 | $1.75B | $60.49B | Goldman Sachs |
| CoreWeave, Inc. | Mar 31, 2025 | $1.5B | $37.13B | Morgan Stanley |
| SailPoint, Inc. | Feb 14, 2025 | $1.38B | $12.8B | Morgan Stanley |
| Klarna Group plc | Sep 10, 2025 | $1.37B | $15.09B | Goldman Sachs |
| Figma, Inc. | Jul 31, 2025 | $1.22B | $16.09B | Morgan Stanley |
| Bullish | Aug 13, 2025 | $1.11B | $5.41B | J.P. Morgan |
| NIQ Global Intelligence plc | Jul 24, 2025 | $1.05B | $6.2B | J.P. Morgan |
| BETA Technologies, Inc. | Nov 4, 2025 | $1.01B | $7.61B | Morgan Stanley |
| Netskope Inc | Sep 18, 2025 | $908.2M | $7.26B | Morgan Stanley |
Most active lead-left banks
| Bank | IPOs led |
|---|---|
| Morgan Stanley | 18 |
| Goldman Sachs | 15 |
| D. Boral Capital | 12 |
| J.P. Morgan | 12 |
| Dominari | 11 |
| Cathay Securities | 10 |
| Craft Capital | 8 |
| Kingswood | 8 |
| BofA Securities | 7 |
| R.F. Lafferty | 6 |
Full rankings: 2025 IPO underwriter league table · every 2025 IPO
Operating-company IPOs on US exchanges, read from each final prospectus. Excludes SPAC IPOs, direct listings, uplistings, closed-end funds and Reg A offerings. "Raised" is gross proceeds at the IPO price before the over-allotment option. Above and below range count only deals whose filings set a price range.
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Every Monday: the IPOs that priced and filed, SPAC deals and closings, and what is expected to price this week, from the filings.