Wilson Sonsini’s provides in-depth analysis on 40 initial public offerings (IPOs) and five direct listings completed by U.S.-based technology and life sciences companies in 2025 with deal values exceeding $75 million.
Highlights of our analysis include:
- Market Improvement: The IPO market showed modest improvement in 2025, with a notable focus on companies with strong AI-centric capabilities and drug discovery that attracted significant investor interest.
- Technology IPOs: Among the 22 technology IPOs priced, 12 had deal values exceeding $500 million. Software led all technology sub-sectors in 2025, with six IPOs.
- Life Sciences Activity: 18 life sciences companies completed IPOs with deal values over $75 million, primarily among later-stage biotech and medtech firms. The largest life sciences IPO raised over $6 billion, while eight companies had deal values between $250 million and $500 million.
Read the full report here.
