The IPO Window Is Opening Selectively; Readiness Will Decide Who Gets Through

What happened

Activity improved in 2024 and stabilized further in 2025, but many companies stayed private longer, raised additional private capital, built scale and waited for stronger public-market conditions. The 2026 IPO market is reopening selectively, favoring large companies that spent the slowdown strengthening their financial reporting, governance and operations, writes guest author Mark Williams, chief revenue officer, enterprise, at Datasite, who explains why that readiness gives businesses options: list, raise private capital or sell.

Public-market activity is returning selectively, led by companies that used the slower years to build scale and strengthen their financial and operating foundations. The IPO market peaked in 2021, then slowed as interest rates rose, valuations fell and recession concerns weighed on issuance. EY’s 2025 review of the IPO market describes 2022 and 2023 as the weakest period since the global financial crisis.