The US IPO market continued its gradual recovery in 2025, though hopes for a full rebound were dashed by volatility from tariffs, an extended government shutdown, and a 4Q pullback in AI stocks. Still, new issuance reached a four-year high, with 202 IPOs raising a combined $44.0 billion. Sizable issuers made a more robust comeback compared to recent years, with 71 IPOs raising at least $100 million, a more than 20% increase from last year. The Big Four accounting firms appeared on 63 of the year’s 202 IPOs, most of which were larger deals, representing 85% of the year’s proceeds and 31% of total deal count. With every offering requiring audited financials, there were 202 auditing engagements with 50 accounting firms, or 346 with 59 accounting firms when including SPACs.
View our Report on The Most Active Audit Firms of the 2025 IPO Market
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Read Renaissance Capital's other annual publications:
- 2025 US IPO Market Review
