The IPO Market in 2025

Well, 2025 can be considered a revival of the IPO market in the US. After a prolonged pause, primary offerings showed the best result since the overheated 2021. Until the repeat of that boom, of course, it is still far, but the market is at least breathing again.

The article will be divided into two parts! In the first article, we will analyze exactly what this “revival” looked like, who entered the market, how much money was raised, and why the most interesting deals still happen not on the exchange, but behind closed doors. And most importantly — we will look at the largest IPOs of 2025 and try to understand what the market was ready to buy.