According to the data, the performance of the US initial public offering in 2025 was unsatisfactory. Due to increased stock market volatility and increasingly strict scrutiny of topics such as cryptocurrencies and artificial intelligence, many high-profile listing transactions were impacted during the year. According to the data, after excluding closed funds and blank check companies, the stock prices of companies listed in 2025 rose 13.9% on a weighted average basis, which is lower than the 16% increase in the S&P 500 index. Mike Bellin, head of US IPOs at PwC, said: “2025 is clearly mixed about the IPO market. Although the market has reopened, it has been very selective.” He pointed out that investors are beginning to prioritize quality over momentum, and the threshold to go public — particularly for early-stage tech and consumer companies — has increased significantly. Bellin concluded, “The biggest revelation is that we have firmly returned to a fundamental-driven market. Investors are becoming more picky, and companies must have a clearer logic and stronger operating direction when entering the market.”

According to the data, the performance of the US initial public offering in 2025 was unsatisfactory. Due to increased stock market volatility and increasingly strict scrutiny of topics such as cryptocurrencies and artificial intelligence, many high-profile listing transactions were impacted during the year. According to the data, after excluding closed funds and blank check companies, the stock prices of companies listed in 2025 rose 13.9% on a weighted average basis, which is lower than the 16% increase in the S&P 500 index. Mike Bellin, head of US IPOs at PwC, said: “2025 is clearly mixed about the IPO market. Although the market has reopened, it has been very selective.” He pointed out that investors are beginning to prioritize quality over momentum, and the threshold to go public — particularly for early-stage tech and consumer companies — has increased significantly. Bellin concluded, “The biggest revelation is that we have firmly returned to a fundamental-driven market. Investors are becoming more picky, and companies must have a clearer logic and stronger operating direction when entering the market.”