IPO trends Q4 2025
In the fourth quarter of 2025, there were 95 new initial public offerings (IPOs), which raised $23.6 billion. Total IPOs declined by 5% from the third quarter but total gross proceeds increased by 11% over Q3 2025.
Compared to Q4 2024, total IPOs increased by 20% from 79 to 95, while total IPO proceeds increased by 168% from $8.8 billion to $23.6 billion.
IPO type
There were 44 traditional IPOs this quarter, representing 46% of total public offerings for the quarter, as compared to 65% for Q3.
Special Purpose Acquisition Companies (SPACs) represented 48% of total IPOs in Q4 with a total of 46 new offerings. Compared to last quarter, SPAC IPOs increased by 31% while traditional IPOs decreased by 32%.
Traditional IPOs raised an average of $310.7 million per IPO, a 43% increase from the average of $217.5 million for traditional IPOs in Q3 2025. SPAC IPOs raised an average of $184.6 million per IPO in Q4 2025, 8% lower than average SPAC IPO proceeds from the previous quarter.
Unicorn IPO
During Q4 2025, there were two companies that raised over $1 billion in proceeds from their initial public offerings. Medline, a medical supply company, raised approximately $6.25 billion by selling 216 million shares at $29 per share. Medline used $4.0 billion of IPO proceeds to pay down their debt from their leveraged buy-out in 2021. BETA Technologies, Inc. is an aerospace company designing, manufacturing, and selling high-performance electric aircraft that sold 29 million shares at $34 per share.
Auditor market share
Q4 2025 saw WithumSmith+Brown PC maintain its position as the leading IPO auditor by client count, auditing 31 IPOs for a 33% market share. MaloneBailey LLP came in second with 7 IPOs (7%), while PricewaterhouseCoopers, Deloitte, and EY each audited 4 IPOs (4% each). Despite EY's relatively modest client count, its clients raised a combined $8.3 billion, driven largely by the Medline Inc. IPO.
Excluding SPACs
Stripping out SPACs, the top three firms are from the Big Four. Deloitte, PricewaterhouseCoopers, and EY each audited 4 non-SPAC IPOs (8% market share each). KPMG rounded out the Big Four with 3 IPOs at 6% market share. WWC had three foreign private issuer IPOs, as did Onestop Assurance. WithumSmith+Brown dropped to 4% share (2 IPOs) in the non-SPAC segment, reflecting its concentration in the SPAC market.
Auditor market share – SPACs
WithumSmith+Brown maintained its dominant position in the SPAC IPO market in Q4 2025, auditing 29 of the 46 SPAC IPOs and commanding a 63% market share. MaloneBailey LLP was a distant second with 7 SPAC IPOs (15%). CBIZ CPAs, which acquired former leader Marcum, audited 2 SPAC IPOs for a 4% share.
Read our report
Explore 2025 initial public offerings trends further in our latest IPO trends report. For a clear, data-driven look at two decades of market performance, fee benchmarks and the increasing role of global issuers.
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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.
