In the third quarter of 2025, 64 IPOs raised a combined $15.3 billion in the biggest quarter for new issuance since 2021. IPO candidates rushed to list, amid rebounding appetite for growth stocks and new listings. Twenty-eight IPOs raised $50 million or more, led by payments platform Klarna ($1.4 billion), web design platform Figma ($1.2 billion), and crypto exchange Bullish ($1.1 billion). With every IPO needing at least two law firms, one each for issuers and underwriters (and some with as many as six), there were 208 legal engagements with 98 law firms, or 310 engagements with 113 firms including SPACs.
View our Report on The Most Active Law Firms of the 3Q25 IPO Market
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- 3Q25 US IPO Market Review
- 3Q25 Rankings for the Big Four Accounting Firms
