In the first quarter of 2025, 53 IPOs raised a combined $8.5 billion, after a strong start was cut off by a market correction near quarter end. Both deal count and proceeds increased from the 1Q24, though concerns about persistent inflation and uncertainty around tariff policies interrupted the typical March pickup. Seventeen IPOs raised $50 million or more, led by energy deal Venture Global ($1.8 billion), and AI-focused cloud computing firm CoreWeave ($1.5 billion). With every IPO needing at least two law firms, one each for issuers and underwriters (and some with as many as five), there were 178 legal engagements with 86 law firms, or 238 engagements with 97 firms including SPACs.
View our Report on The Most Active Law Firms of the 1Q25 IPO Market
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Read Renaissance Capital's other quarterly publications:
- 1Q25 US IPO Market Review
- 1Q25 Rankings for the Big Four Accounting Firms
