In the first quarter of 2025, 53 IPOs raised a combined $8.5 billion, after a strong start was cut off by a market correction near quarter end. Both deal count and proceeds increased from the 1Q24, though concerns about persistent inflation and uncertainty around tariff policies interrupted the typical March pickup. Fifteen IPOs raised $100 million or more and included three that raised $1+ billion, AI-focused cloud computing firm CoreWeave, LNG producer Venture Global, and LBO'd software provider SailPoint. The Big Four accounting firms appeared on 14 IPOs, including 13 of the $100+ million deals, representing 26% of total deal count but 86% of the quarter's proceeds. With every offering requiring audited financials, there were 53 auditing engagements with 23 accounting firms, or 73 with 28 accounting firms including SPACs.
View our Report on The Most Active Audit Firms of the 1Q25 IPO Market
To read the entire report, sign up for a free trial of IPO Pro, the platform that gives you all of the IPO information you need, all in one place.
Read Renaissance Capital's other quarterly publications:
- 1Q25 US IPO Market Review
