US operating-company IPOs rose to 90 in 2025, the third straight yearly increase.
The count is up from a low of 38 in 2022, after it fell from 311 in 2021.
Here is the yearly count.
2018, 134
2019, 113
2020, 165
2021, 311
2022, 38
2023, 54
2024, 73
2025, 90
The count leaves out SPACs, ADRs, REITs, unit offers, banks and stocks priced below $5.
Even after 3 years of gains, the 2025 total is less than a third of 2021's.
It's also below every year from 2018 to 2020.
Bigger deals are coming, with Anthropic's S-1 showing first-half revenue jumping to $16.3 billion.
The IPO market is warming up again, but 90 deals is still a long way from 311.
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