Several key factors influenced the IPO market in 2025, including policy-aligned sectors and valuation resets, and these dynamics are expected to remain important throughout 2026. Companies in AI, space tech, crypto, fintech, and defense dominated the IPO market last year, reflecting both investor appetite and the priorities of the current administration.
Source: 2026 IPO Market Outlook: Momentum, Deregulation, and the Path to Liquidity