In 2025, the IPO market rebounded with more IPOs, SPACs, and capital raised compared to previous years. A total of 354 U.S. equity market IPOs raised $44 billion, with 81% choosing Nasdaq for listings. Tech and Industrials dominated the IPOs, with notable companies like CoreWeave, SailPoint, Firefly Aerospace, and Medline leading the pack. Day-one returns showed improvement, with a median IPO pop of 13% and an average pop of 22%. Unicorns were less special in 2025, with the size-bias to returns disappearing. The SPAC market also saw a recovery, with more capital raised and active SPACs seeking deals. Looking ahead, 2026 is predicted to be a historic year for IPOs, with centicorns like SpaceX, OpenAI, and Stripe potentially going public.

Read more at Nasdaq: IPO Market Gained Strength in 2025