2025 marked a reacceleration in U.S. equity capital markets. From blockbuster IPOs and surging convertible issuance to a reshuffling of sector leadership, the issuance environment shifted decisively back into growth mode. IPOs led the recovery, with large deals commanding strong aftermarket performance and signaling renewed institutional risk appetite.
New to this edition, the report includes 2025 Global Trends & Highlights, offering a first look at CMG’s expanding international data coverage as we build toward a global ECM view.
Discover the trends, key milestones and record-breaking highlights that defined the year in our 2025 U.S. ECM Recap.
Highlights
- IPO activity surged, with $48.6B raised across 209 offerings, representing a 36% YoY increase
- Follow-on issuance totaled $200.3B across 637 deals, down 6.8% YoY, but remained the dominant source of ECM volume
- Healthcare remained the most active sector raising $49.8B in proceeds, accounting for 20.0% of total capital raised
- Ten IPOs each raised $1B+, the highest number since 2021 — led by Medline’s $5B IPO, the largest in four years
- Large IPOs significantly outperformed, with $1B+ deals posting average offer-to-day-one returns above 50%, signaling strong institutional demand
- Convertible issuance rebounded sharply, with $123.1B raised across 153 offerings, a 40% increase YoY
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