2025年Q3 IPO及公开上市报告

Q 3 2 0 2 5 Q3 marked the most active IPOquarter since 2021, fueled byrenewed investor appetite and asurge in high-growth tech listings.While the government shutdownintroduces procedural delays atthe SEC, historical precedentsuggests the impact on Q4 IPOsmay be modest—especially if theclosure is brief. Strong investordemand and a healthy pipelinecould help the market absorbshort-term disruptions. Craig ClayPresident of Global Capital Markets, DFIN Public Debuts Operating Companies Congratulations to the 65 companies in Q3 that made their public debut via atraditional IPO, raising over $15 billion and the 12 that made their public debut via aSPAC merger. Special congratulations to our clients:Accelerant, Ambiq Micro,CapsoVision, Carlsmed, CoastalSouth Bancshares, Firefly Aerospace, Kodiak AI, LBPharmaceuticals, Legence, Netskope, NielsenIQ, Semnur Pharmaceuticals, StubHub,andWaterBridge. Traditional IPOs $50M+ Thirty-three companiesfiledIPOs with $50M+ placeholders in Q3, and 60% successfullydebuted by quarter’s end. Meanwhile,Peak ResourcesandMoove Lubricantswithdrewtheir 2024 registration statement in Q3, exiting the IPO pipeline. Twenty-seven companies raised over $50 million in their IPOs, for a combined total ofapproximately $15 billion—led by the tech sector in both volume and proceeds. Therewasa108% increase in deal count and ~88% increase in capital raisedvs. Q3 2024. Klarnaraised ~$1.37 billionin its IPO by selling 34.3million shares at $40 each,making it thelargestoffering of 2025. Klarna’sNYSE listing could pave theway for more Europeanfintechs to pursue U.S. IPOs. Private equity-backedPhoenixEducationandAlliance Laundryeachrangthebell to kick off Q4. Aswe enter the final quarter of aresurgent IPO yearmarked byrobust post-IPO performance,anticipation is building aroundmovement in the IPO pipeline—asthe government shutdowncontinues. Traditional IPOs The majority of companies that raised over $100 million in their IPO in Q3 are tradingabove their offering price due tostrong investor demand.Bullishis a standout, withits stock rising from $37 at IPO to $65 by October 8,reflecting enthusiasm tied tocrypto market momentum. High-profileunicornslikeStubHub,Figma, andFirefly Aerospacehelpeddrive Q3 to a post-2021high for $100M+ IPOs,signaling renewed investorappetite for scaled techand innovation-ledofferings. SPAC Activity Q3 saw59 new SPAC filingsand33 debuts, raising $6.8B—an 83% jump in volume and123% increase in proceeds over Q3 2024. Year-to-date, 99 SPACs have raised nearly$19B, making 2025 themost active SPAC year since 2021. With 67 SPACs in thepipeline,momentum is strong heading into Q4. A minimal amount of Q3 liquidations leaves150 SPACs actively seeking targets,70% ofwhich went public in the past year — signaling fresh momentum. De-SPACs Q3 saw 25 announced business combinations, in line with last year’s Q3 volume. Thelargest wasYorkville Acquisition (NASDAQ:YORK),which went public in June, andannounced a definitive agreement to establishTrump Media Group CRO Strategybacked by Trump Media & Technology Group and Crypto.com. Only four SPAC mergers wereterminatedin Q3—down from 19 in the same quarter lastyear, indicatingimproved deal stability and execution confidence. Theaverage timefor SPACs that announced mergers in Q3 to announce a targetincreasedslightlyto 15.8 months. Notably, a majority of the SPACs went public in 2024 or 2025. SPAC Universe currently stands at67SPACs in thepipelineto go public,150searchingfor a target, and95inmergeragreements. Approximately 50% ofthe SPACs in merger agreementswent public over 3 years ago, andmany have seen their trustsdepleted from multiple extensionsevents. De-SPACs Q3 remained slow forDe-SPAC completions, with just 12 deals closed, totaling anenterprise value of approximately $15 billion. The largest wasChenghe Acquisition II’s$3.6 billion merger with Polibeli,a global digital supply chain and B2B e-commerceplatform now trading at $8.19 on the Nasdaq. noticeable decrease from Q2,signaling improved deal efficiency in the blank-check market. 25% of the companies that wentpublic via a SPAC merger in Q3are trading above$10 pershare,highlighting continuedchallenges in post-mergerperformance. Traditional IPOs Traditional IPOs DeSPACs Sources: SEC.gov, EDGAR®Online. Report includes US listed on the NYSE & Nasdaq including SPACs, Best Efforts, Foreign issuers, Dual-Listings, Directlistings and REITs. It does not include bank conversions, up-lists, ETFs, close-ended funds, Reg A+, and BDCs. *Values do not include over-allotmentproceeds if exercised. YTD is through 9/30/25. All data and information provided in the IPO & Public Listing Report is obtained from third party sourcesand is for informational purposes only. DFIN makes no representations as to accuracy, completeness, currentness, suitability or validity of anyinformation contained in the Report and will not be liable for any (a) errors, omissions or delays in this information