2026 IPO Report

2026 IPO Report

Publication

Note From the Editors

This year’s IPO Report offers a detailed IPO market review and outlook, including an overview of key trends shaping the IPO landscape. We analyze the effects of current market conditions on issuers in key industries, chart US IPO activity by state, and break down the attributes shared by successful IPO candidates.

We also examine the growing prevalence of IPOs with multi-class capital structures, review current practices and considerations relating to IPO lockup agreements, and discuss what it takes to assemble an effective IPO team.

Please subscribe to our mailing lists to stay up to date on the latest developments related to IPOs and the capital markets space, and don’t forget to check out our forthcoming M&A Report and Venture Capital Report.

Thanks for reading.

— Caroline Dotolo, Partner and Vice Chair, Corporate Practice
— Molly W. Fox, Partner

US Market Review and Outlook

While the number of IPOs and proceeds continued to rebound from the lows set in 2022, IPO market activity in 2025 failed to match some of the optimistic predictions made earlier in the year and a true IPO market resurgence remains another year away.

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