The US IPO market’s recovery continued in 2025, as 202 IPOs raised a combined $44.0 billion. Episodes of volatility around tariffs and AI valuations prevented a full-blown rebound, but new issuances reached a four-year high. Seventy-one IPOs raised $100 million or more, a 22% increase from the year before, led by medical supplies maker Medline ($6.3 billion), LNG producer Venture Global ($1.8 billion), and data center provider CoreWeave ($1.5 billion). With every IPO needing at least two law firms, one each for issuers and underwriters (and some with as many as nine), there were 680 legal engagements with 196 law firms, or 1,113 engagements with 219 firms including SPACs.
View our Report on The Most Active Law Firms of the 2025 IPO Market
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Read Renaissance Capital's other annual publications:
- 2025 US IPO Market Review
- 2025 Rankings for the Big Four Accounting Firms
