IPO trends Q3 2025
In the third quarter of 2025, there were 100 new initial public offerings (IPOs), which raised $21.2 billion. Total IPOs increased by 4% from the first quarter and total gross proceeds increased by 35% over Q2 2025.
Compared to Q3 2024, total IPOs increased by 67% from 60 to 100, while total IPO proceeds increased by 98% from $10.7 million to $21.2 million.
IPO type
Traditional IPOs constituted the majority of initial public offerings this quarter. There were 65 traditional IPOs, representing 65% of total public offerings for the quarter, twelve percentage points higher than the proportion of traditional IPOs in Q2 2025.
Special Purpose Acquisition Companies (SPACs) represented 35% of total IPOs in Q3 with a total of 35 new offerings. Compared to last quarter, SPAC IPOs decreased by 20% while traditional IPOs increased by 27%.
Q3 2025
Traditional IPOs raised an average of $217.5 million per IPO, a 65% increase from the average of $131.5 million for traditional IPOs in Q2 2025. The impact of the lower priced foreign private issuer (FPI) traditional IPO’s were more than offset by three FPI’s that raised $2.7 billion at initial prices ranging from $24 to $40 per share for the quarter. SPAC IPOs raised an average of $200 million per IPO in Q3 2025, 3% higher than average SPAC IPO proceeds from the previous quarter.
Unicorn IPO
During Q3 2025, there were four companies that raised over $1 billion in proceeds from their initial public offerings. Swedish, turned UK, fintech Klarna raised approximately $1.37 billion by selling 34.3 million shares at $40 per share, pricing above its projected $35–$37 range. As of October 31, the shares closed at $37.98. The majority of funds raised ($1.2 billion) went to selling shareholders.
Auditor market share
There were 31 different firms that audited the newly listed companies in Q3 2025. WithumSmith + Brown again led all auditors in terms of total IPO client count with 20 new IPO clients. Withum individually represented 20% of all Q3 2025 IPOs. WWC PC Certified Public Accountants trailed Withum with 11 IPOs audited, while big four member Deloitte was third with eight IPOs.
Again this quarter, Withum also ranked number one in terms of client gross proceeds of $4.6 billion. EY’s clients raised a total of $4.2 billion in gross proceeds and they were the auditor of record for three of the largest four IPOs in the quarter.
Auditor market share – SPACs
Ten different firms audited the 35 SPAC IPOs of Q3 2025. Withum, once again, was the dominant player in the SPAC IPO market, auditing 20 SPAC IPOs this quarter. Withum’s SPACs and raised a combined total of $4.6 billion in proceeds and accounted for 57% of the SPAC IPO market share this quarter. Second was CBIZ, who acquired the former leader, Marcum, and audited 4 SPAC IPO’s.
Excluding SPACs
WWC PC led the audits of non-SPAC IPOs at 10 IPOs, all FPIs, for 15% of the market. Deloitte followed with 12% of the market share, at 8 IPOs.
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Marie is a CPA and Accounting Research Manager at Ideagen, where she leads the research team and serves as a subject matter expert for Audit Analytics. With thirty years of experience spanning public accounting and corporate finance, Marie began her career at PwC managing audits of SEC registrants and international entities. She later specialized in post-acquisition integration, leading accounting teams, ERP implementations, and financial reporting and analysis. Her diverse leadership experience across accounting, IT, risk management and HR gives her a comprehensive perspective on financial operations and compliance.
