Just 19 European startups went public last year. Now, the $226B secondary market is booming  — TFN

Just 19 venture-backed companies went public in Europe in 2025, according to PitchBook.

It has created a liquidity crisis, with founders, investors, and limited partners looking to free up some cash.

The secondary market is booming as a result. There is still a push and pull between how to price rounds, however.

European IPOs hit a record last year — a record low.

Just 19 venture-backed companies went public in Europe in 2025, according to PitchBook, in what analysts and investors are calling a liquidity crisis.