The IPO Market is gearing up for an active 2025.
Here’s what you need to know to stay on top of the year ahead.
The IPO market found its footing in 2024. Proceeds rose by more than 50% year-over-year, and many of the year’s largest names soared, such as Reddit, Viking, Rubrik, and Astera Labs. Even still, the IPO market fell short of a full reopening, as delayed rate cuts, bouts of volatility, and ample private funding caused companies to push back their IPO timelines. While some may be skeptical that a pickup is once again “right around the corner,” the IPO market has a stronger foundation now than at any point in the past three years. The Renaissance IPO Index has rebounded 77% over the past two years, strongly outpacing the S&P 500 (+58%). There is renewed optimism among both prospective issuers and public investors, with a greater alignment on valuation. Meanwhile, the backlog of private IPO candidates is larger than ever. In addition to more deals from the healthcare, industrial, and consumer sectors, venture-backed tech should make a robust return, leveraging demand for AI. We estimate a range of 155-195 IPOs in 2025, raising $40-$55 billion. And while it may not be blowout year, IPO activity should finally normalize in the year ahead.
In this short piece, we highlight anticipated 2025 IPOs publicly on file (pg 2), and on our Private Company Watchlist (pg 3). For a more thorough look back at last year, check out our 2024 Annual Review (full report on IPO Pro).
View our 2025 Outlook
