The US IPO market just posted its most aggressive year since the dot-com era. In 2025, 347 companies went public, raising a combined $66.8 billion. That’s a 54% jump in deal count and a 153% surge in proceeds compared to 2024’s 225 deals and $33 billion haul.
The SpaceX factor and a trillion-dollar test
SpaceX has filed for a June 2026 Nasdaq listing under the ticker SPCX, targeting a valuation of roughly $1.75 trillion. The company aims to raise up to $75 billion in proceeds, which would make it the largest IPO in history.
For context, $75 billion is more than the entire 2024 IPO market raised across all deals combined.
Crypto’s synthetic bridge to Wall Street
