US IPO market shows early 2025 recovery with 65 deals raising $15.7 b in Q3

For the third quarter of 2025, the U.S. IPO market rebounded strongly: 65 companies raised $15.7 b, including nearly $8 b raised in September alone. That brought nine‑month totals to more than $30 b — matching full‑year 2024 levels. Technology, media and telecom (TMT) led IPO proceeds as investor sentiment improved ahead of a resolution to the federal shutdown. Analysts caution that momentum must hold and aftermarket performance remain resilient for the rebound to sustain into Q4 and beyond.