In the first quarter of 2025, the initial public offering (IPO) market witnessed a robust performance with 79 new initial public offerings (IPOs) raising a total of $11.4 billion, marking a significant 30% increase in gross proceeds compared to the previous quarter and the highest total for any quarter in the last five. Traditional IPOs dominated, comprising 73% of the offerings with 58 listings, while SPACs accounted for 19 offerings, reflecting a decrease of 17% from the prior quarter. Notably, three unicorn IPOs emerged, with Venture Global, Inc. leading by raising $1.75 billion, followed by CoreWeave, Inc. at $1.5 billion, and SailPoint, Inc. at $1.38 billion. 

The average proceeds for traditional IPOs surged to $146.3 million, up from $95.2 million in Q4 2024, despite some fluctuations in market capitalization post-IPO. The auditor landscape showcased WithumSmith + Brown as the most active firm, auditing 12 IPOs and capturing a 15% market share, while Ernst & Young LLP led in total gross proceeds audited at $4.4 billion. This article highlights the ongoing evolution of the IPO landscape, including trends toward digital assets through SPACs and the emergence of direct listings, which raised approximately $110 million from two companies. Overall, Q1 2025 reflects a strong start to the year, signaling renewed investor confidence and market activity.