2025年度美股承销排行榜

Core Viewpoint - The US equity financing market in 2025 showed a significant recovery, with both the number and scale of equity financing reaching a four-year high, totaling $201.8 billion, a 14.27% increase from $176.6 billion in 2024 [2]. Group 1: Financing Scale Trends - In 2025, the total equity financing scale in the US market was $201.8 billion, up 14.27% from $176.6 billion in 2024 [5]. - The IPO financing scale reached $68.4 billion, marking a 67.95% increase from the previous year [5]. - The refinancing scale totaled $133.4 billion, which is a slight decrease of 1.82% compared to 2024 [5]. Group 2: Financing Method Distribution - In 2025, IPO financing accounted for $68.4 billion, representing 33.90% of the total equity financing, while refinancing accounted for $133.4 billion, making up 66.10% [8]. Group 3: Industry Distribution of Financing Entities - The non-bank financial sector led in financing scale with $61.9 billion, followed by the pharmaceutical and biotechnology sector at $33.9 billion, and the software services sector at $22.6 billion [12]. - In terms of financing events, the pharmaceutical and biotechnology sector had the highest number with 354 events, followed by the non-bank financial sector with 212 events [15]. Group 4: IPO Trends - A total of 403 companies successfully went public in 2025, an increase of 131 from 2024, with total financing amounting to $68.4 billion [18]. - The Nasdaq remained the leading market for IPOs, with 313 companies listed, raising $46.04 billion, which is 67.30% of the total IPO market [20]. - The highest IPO financing was achieved by Medline, raising $6.265 billion [35]. Group 5: SPAC and Chinese Companies - In 2025, 123 SPACs were listed, a significant increase of 72 from 2024, raising $23.4 billion, up 153.75% [38]. - There were 68 Chinese companies that went public in the US, raising only $1.1 billion, a decrease of 62.88% from the previous year [41]. Group 6: Refinancing Trends - The total refinancing amount in 2025 was $133.4 billion, a decrease of 1.82%, with 912 refinancing events, an increase of 2.36% from 2024 [45]. - The Nasdaq led in refinancing events with 734 occurrences, raising $69.654 billion [49]. - The non-bank financial sector had the highest refinancing amount at $27.3 billion [52]. Group 7: Underwriting Rankings - Cantor Fitzgerald topped the IPO underwriting list with $6.484 billion, followed closely by Goldman Sachs at $6.354 billion and Morgan Stanley at $5.956 billion [61]. - In refinancing, JPMorgan led with $21.098 billion, followed by Goldman Sachs at $16.393 billion and Morgan Stanley at $12.876 billion [65].