Wind：2025年前三季度美股市场股权融资规模总计1481亿美元

Core Insights - The US equity underwriting market showed strong performance in the first three quarters of 2025, with total equity financing (including IPOs and refinancing) amounting to $148.1 billion, an increase of $20.9 billion or 16.40% year-on-year [1][3][38]. Equity Financing Overview - Total equity financing in the US market reached $148.1 billion, with IPOs contributing $46.9 billion (up 50.07% year-on-year) and refinancing totaling $101.2 billion (up 5.42% year-on-year) [3][6][38]. - Non-bank financial sector led the fundraising with $49.9 billion, accounting for 33.68% of total financing [1][8]. IPO Market - A total of 310 companies went public in the first three quarters, an increase of 128 companies compared to the previous year, raising $46.9 billion [14][15]. - The Nasdaq remained the leading exchange for IPOs, with 246 companies listed, raising $29.4 billion, representing 62.73% of the total IPO market [15][19]. - The largest IPO was by Venture Global, raising $1.75 billion [29]. SPAC and Chinese Companies - SPAC IPOs saw significant growth, with 85 companies going public, raising $16.2 billion, a year-on-year increase of 190.93% [32]. - 59 Chinese companies listed in the US, raising $1 billion, a decrease of 58.35% year-on-year [34]. Refinancing Trends - There were 665 refinancing events, with a total amount of $101.2 billion, reflecting a 5.42% increase year-on-year [2][38]. - The non-bank financial sector led refinancing with $24.2 billion, followed by software services at $12.5 billion [45]. Underwriting Rankings - Goldman Sachs topped the IPO underwriting rankings with $4.758 billion from 29 deals, followed closely by Cantor Fitzgerald and JPMorgan [54][56]. - For refinancing, JPMorgan led with $15.458 billion from 58 deals, followed by Goldman Sachs and Morgan Stanley [58][59].