US IPOs rebound in Q2 2025 amid mixed global activity

Initial public offering launches in the US picked up during the second quarter with a 33.75% increase in aggregate amount offered from the first quarter, while global IPO activity was mixed.

There were 59 US IPOs that cumulatively raised $15.02 billion in equity issuance during the quarter, climbing from 45 IPOs that offered $11.23 billion in the first quarter, according to the latest S&P Global Market Intelligence data. The number of global IPOs, however, dipped over 4% to 299 with aggregate issuance rising by a more modest 10.95% to $32.62 billion.

US IPO launches became more active despite mounting economic uncertainty, market volatility and trade policy concerns, all highlighted by a stock market selloff in April. Despite the headwinds, companies and investors are still largely pushing through with IPO plans.

"The IPO market is continuing to build momentum, but it remains fragile as headline risk continues to be elevated and could close the IPO window abruptly," West Riggs, head of equity capital markets at Truist Securities, told Market Intelligence. "That said, demand and appetite for IPOs remain extremely high as investors are looking for more options to achieve outperformance."

Demand could continue to accelerate IPO activity in the second half of the year.

"The shadow backlog and pace of new IPOs are building, coupled with investor demand, that sets the stage for a great second half," Riggs said.

The number of global IPOs launched in the second quarter, however, was at its lowest quarterly level since 2020. Through the first half of 2025, global IPO transactions slipped over 2% to 611 while the cumulative amount offered through IPOs increased almost 16% to $62.02 billion.

US IPO activity

US IPO transactions during the second quarter were at their highest level in three years and offered the most issuance since the fourth quarter of 2021. This trend was mostly attributable to blank-check IPOs, which surged to represent 41 of the 59 US IPOs during the second quarter and account for $9.17 billion of the total $15.02 billion in aggregate amount raised.

Blank-check activity was up from 17 IPOs that raised $3.06 billion in the first quarter.

Through the first half of the year, US IPO equity issuance surged over 80% year over year to $26.25 billion, the strongest first-half performance since 2021.

Circle Internet Group Inc. was the largest US IPO launched in the second quarter with a $1.21 billion offering that closed in June. The company operates a platform, network and market infrastructure for stablecoin and blockchain applications.

Through the end of June, Circle Internet Group's IPO was the fourth-largest launch so far this year. Venture Global Inc.'s $1.75 billion IPO launched in January remains the largest of 2025.

European IPOs

In contrast to US, European IPO activity weakened.

There were 22 European IPOs that offered a cumulative $2.19 billion in the second quarter, down from 38 IPOs and $4.67 billion offered in the first quarter. Year over year, transactions and aggregate amount offered fell over 46% and over 74%, respectively.

European IPOs issued $6.86 billion in equity through the first half of 2025. This total offering was less than half of the $16.72 billion issued through the first half of 2024 but was higher than the comparable periods in 2022 and 2023.

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