In the second quarter of 2025, 44 IPOs raised a combined $7.0 billion, as listing timelines were reshaped by a tariff-induced slowdown in April and rebound in mid-May. While deal count increased slightly from the 2Q24, proceeds were lower due to fewer sizable deals. Sixteen IPOs raised $50 million or more, led by stablecoin issuer Circle ($1.1 billion), mobile banking platform Chime ($864 million), and self-storage REIT SmartStop ($810 million). With every IPO needing at least two law firms, one each for issuers and underwriters (and some with as many as nine), there were 168 legal engagements with 90 law firms, or 303 engagements with 108 firms including SPACs.
View our Report on The Most Active Law Firms of the 2Q25 IPO Market
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- 2Q25 US IPO Market Review
- 2Q25 Rankings for the Big Four Accounting Firms
