Despite an early surge in volatility from shifting US tariff policies and recession concerns, the IPO market ended the quarter with more momentum than it started. A total of 44 IPOs raised a combined $7.0 billion, below historical norms, as listing timelines were reshaped by the sell-off in April and rebound in mid-May. Fifteen IPOs raised $100+ million, and high-profile unicorns made a comeback with cryptocurrency issuer Circle and fintech Chime, which were met with robust demand from public investors. The Big Four accounting firms appeared on 12 IPOs, including 11 of the $100+ million deals, representing 27% of the quarter's deal count but 67% of proceeds. With every offering requiring audited financials, there were 44 auditing engagements with 25 accounting firms, or 90 with 33 firms including SPACs.
View our Report on The Most Active Audit Firms of the 2Q25 IPO Market
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Read Renaissance Capital's other quarterly publications:
- 2Q25 US IPO Market Review
