The US IPO market’s widely-anticipated 2025 rebound – previously held back by tariff-induced volatility – is now set to resume in the fall. Year-to-date, IPOs have raised $23 billion, in line with this point last year, but clarity on trade policy, a summer rally in growth stocks, and the prospect of rate cuts have put IPO plans back in motion for dozens of companies. Signaling strong demand for new stocks, the Renaissance IPO Index (IPOUSA) is up 15.8% year-to-date, outperforming the S&P 500. Heading into the fall season we expect the fastest pace of deal activity since 2021, as more companies accelerate listing plans amid the current momentum. IPO excitement will enable more VC-backed tech names to avoid pricing a down-round, and go public at valuations above the 2020-2021 heyday. While recent enthusiasm has centered around high-growth industries like tech, fintech, AI, and crypto, the IPO backlog comprises a wealth of different sectors, featuring biotechs, restaurants, banks, and energy companies.
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