U.S. IPO Activity Set for Best Year Since 2021 Amid M&A Boom
Initial public offerings are staging a comeback as liquidity surges and global mergers and acquisitions activity hits $3.1 trillion year-to-date. The U.S. has seen 257 IPOs in 2025—already eclipsing last year's total—putting it on track for the strongest showing since the record-breaking 2021 cycle.
Mega-deals dominate the landscape, with 47 transactions exceeding $10 billion in value during the first three quarters. Bank of America stands to collect a historic $130 million fee if Union Pacific's Norfolk Southern acquisition clears regulatory hurdles.