Initial public offerings (IPO) raised $171.8 billion (€148 billion) globally last year, an increase of 39 per cent on 2024, despite the number of completed deals remaining essentially flat throughout the year, EY Ireland has said.
New analysis from the Big Four accounting firm indicates that the IPO market finished on a stronger footing after a rebound in the third quarter of 2025.
The fourth quarter of the year was the strongest in value terms since the final quarter of 2021, with $60 billion raised. Some 381 deals were recorded in the quarter, also making it the strongest three-month period in volume terms since the fourth quarter of 2022, EY said.
Industrials remained the strongest sector for public listings globally, while technology and “AI-aligned businesses” continued to attract premium interest, according to the report.
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Ireland also finished the year with what EY described as a “meaningful milestone”, when environmental software company Senus became the first company to list on Euronext Dublin’s Access market, a springboard platform for small and medium enterprises.
Fergal McAleavey, EY Ireland corporate finance partner, said: “After years without domestic IPO activity, the combination of targeted Government measures, including the stamp‑duty exemption for smaller Irish‑listed companies, and Euronext Dublin’s work to establish a simplified ‘springboard’ market has created a more practical pathway for early‑stage and scaling businesses to consider going public.”
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He said that while the pipeline for Irish IPOs remains “modest”, the “underlying fundamentals are encouraging”.
“With recognised strengths in fintech, medtech and AI‑enabled innovation, Irish companies that prioritise readiness will be well placed to step forward as confidence continues to build in 2026,” Mr McAleavey said.
At a European level, the number of IPOs fell 20 per cent to 105 in 2025, while the total amount raised fell 10 per cent to $17.3 billion, EY said.
The decline is largely attributed to “competition between public and private markets, where companies are staying private longer due to ample dry powder in the private sector”, the firm said.
Looking ahead, Mr McAleavey said that 2026 is shaping up to be a “pivotal year” for global capital markets.
“With companies like SpaceX, OpenAI and Anthropic actively exploring possible IPOs – each with the scale to command tens if not hundreds of billions of dollars – the market could see one of the most significant cycles of large‑cap technology listings in over a decade,” he said.
“This wave of activity could create opportunities for other businesses considering an IPO, but standing out will require more than ambition.”
The Financial Times reported last week that Elon Musk’s rocket maker SpaceX and artificial intelligence labs OpenAI and Anthropic are working on listings expected to raise tens of billions of dollars in proceeds, according to multiple people with direct knowledge of their plans.
