Wind：2025年美股市场股权融资规模总计2018亿美元 增幅14.27%

Core Insights - The US equity financing market in 2025 showed a significant recovery, with total financing reaching $201.8 billion, a 14.27% increase from $176.6 billion in 2024 [1][3][39] - Initial Public Offerings (IPOs) saw a notable rise, with 403 companies going public, raising $68.4 billion, marking a 67.95% increase compared to 2024 [1][14][30] - SPAC IPOs also surged, with 123 companies raising $23.4 billion, a dramatic increase of 153.75% from the previous year [1][33] - Chinese companies listed in the US primarily consisted of small to medium-sized enterprises, totaling 68 IPOs but raising only $1.1 billion, a decrease of 62.88% from 2024 [1][36] Equity Financing Overview - Total equity financing in the US market for 2025 was $201.8 billion, with IPOs contributing $68.4 billion (33.90%) and refinancings accounting for $133.4 billion (66.10%) [3][6] - The non-bank financial sector led in financing, raising $61.9 billion, followed by the pharmaceutical and biotechnology sector at $33.9 billion, and software services at $22.6 billion [9] IPO Market Trends - The IPO market in 2025 was dominated by the Nasdaq, with 313 companies raising $46.04 billion, representing 67.30% of the total IPO market [16] - The highest fundraising sector for IPOs was non-bank financials, raising $34.6 billion, followed by pharmaceuticals at $8 billion, and software services at $7.4 billion [18] - A total of 230 companies raised $1 billion or less in their IPOs, making up 57% of the total IPO count [27] Refinancing Trends - The refinancing market in 2025 totaled $133.4 billion, a slight decrease of 1.82% from 2024, with 912 refinancing events, an increase of 2.36% [39] - The Nasdaq led in refinancing events with 734 occurrences, raising $69.65 billion, while the NYSE had 125 events totaling $62.37 billion [43][45] - The non-bank financial sector was the top industry for refinancing, raising $27.3 billion, followed closely by pharmaceuticals at $25.9 billion [46] Underwriting Rankings - In the IPO underwriting space, Cantor Fitzgerald led with $6.484 billion from 34 deals, followed by Goldman Sachs with $6.354 billion from 36 deals, and Morgan Stanley with $5.956 billion from 35 deals [55][56] - For refinancing, J.P. Morgan topped the list with $21.098 billion from 91 deals, followed by Goldman Sachs with $16.393 billion from 73 deals [59][60]