Forecasting IPO Momentum and Deal Activity Beyond 2025
AlphaSense explores the 2025 IPO and deal boom, drawing on research and expert insights to assess momentum into 2026, and includes a guide to streamline deal-screening workflows.
Deal and IPO activity continue to surge into H2 2025, marked by notable transactions across the tech, digital payments, and infrastructure industries. The momentum has been fueled by lower interest rates, a backlog of private companies going public, and improved market and macroeconomic sentiment, particularly around tariff policy.
According to findings from the AlphaSense platform, H1 2025 marked the strongest H1 since 2021 for the U.S. IPO market. Stronger IPO activity is expected across various sectors for the remainder of 2025 and into 2026, driven by stabilizing inflation and ongoing interest rate cuts.
In this edition of AlphaCut, we explore the IPO and deal boom, leveraging broker research, expert insights, and proprietary content to understand the momentum beyond 2025, featuring a deal screening guide to simplify and accelerate workflows.
H2 Activity 2025 Snapshot
Building on robust IPO activity in H1 2025, the momentum is expected to continue for the remainder of the year into 2026. Research from the AlphaSense platform projects “40-60 more sizable IPOs by year-end,” with robust activity across tech, fintech, and consumer industries.
Notable IPOs in H2 2025 include:
Klarna (NYSE: KLAR): Klarna, a leading “buy now, pay later” payments firm began trading on the NYSE in early September. The IPO raised nearly $1.4 billion, closing 15% up in its trading debut. Two weeks after its public debut, Klarna announced over a million sign-ups for its Klarna Card in just 11 weeks.
Netskope (Nasdaq: NTSK): Netskope, a cybersecurity firm specializing in cloud security solutions, made its debut on the Nasdaq Global Selects Market on Sept. 18, 2025, with a valuation of nearly $7.3 billion. An expert recently noted in a Tegus Expert Transcript that Netskope excels in data protection compared to many competitors, including Zscaler, McAfee, VMware, and Symantec.
StubHub (NYSE: STUB): Stubhub, the ticket marketplace giant, made its long awaited debut on the New York Stock Exchange the same week as Netskope, raising $800 million.
Figure (Nasdaq: FIGR): Figure Technology Solutions listed on Nasdaq on Sept. 11, 2025 with a valuation of $5.3 billion. The firm operates blockchain-based solutions for loan origination, hailed by an expert in the lending space to “compete with lenders, but also do stuff faster, better, and a bit more niche than what lenders do.”
Fermi (Nasdaq: FRMI): Fermi, a data center real-estate investment trust (REIT), made its debut on Oct. 1, 2025, raising $682.5 million. The firm is building an 11 gigawatt HyperGrid energy and data campus in Amarillo, Texas, which is expected to become the world’s largest energy-driven AI complex, integrating nuclear, natural gas, utility, solar, and battery power.
Pattern (Nasdaq: PTRN): Pattern Group went public on the Nasdaq exchange the same week as Netskope and StubHub with a $300 million raise. The ecommerce accelerator helps brands sell across 60+ global online marketplaces with data science and on-demand expertise.
Gemini (Nasdaq: GEMI): Gemini, a cryptocurrency exchange, officially listed on Sept.12, 2025, with a $425 million raise. Nasdaq’s $50 million investment into Gemini integrated Gemini’s custody and staking services with Nasdaq’s extensive trading platforms.
Priming Private Equity Exits
Findings from AlphaSense’s Generative Search indicate the private equity deal landscape is experiencing gradual recovery and structural growth, driven by policy normalization, rate cuts, and long-term capital allocation shifts.
Deal activity is expected to rebound in 2026, as tax cuts and moderate interest rate reductions fuel investments and exits, particularly in the United States and Europe. Buyout volumes are projected to rise steadily, with U.S. transaction values forecast to rebound strongly from 2024 levels, reaching $679.2 billion by 2026, based on current momentum.
Recently, President Trump renewed a push to end quarterly reporting for publicly traded companies, proposing a move to a semi-annual reporting model. A shift in SEC reporting requirements could set the stage to accelerate private company conversion and fuel deal activity even further, helping to grease the IPO route for private equity exits.
Nasdaq CEO Adena Friedman expressed support for the proposed changes as a way to curtail “short-termism, exacerbated by quarterly reporting.” She also emphasized that “minimizing the friction, burden, and costs associated with being a public company can further invigorate the U.S. capital markets and accelerate the growth of our economy.”
The move could entice private companies into the public space more definitively, relieving the backlog of delayed exits and opening opportunities for dry capital deployment.
Preparing for 2026: A Mini Deal Screening Guide
Capitalizing on deal and IPO momentum is easier than ever with AlphaSense’s all-in-one AI-driven workflows. Streamline and accelerate the information you need so you can stay ahead of the game and back your decisions confidently.
Screen Public and Private Targets in Seconds
Eliminate the guesswork from deal screening with the most comprehensive intelligence workflow for M&A transactions, funding announcements, and equity screens, centralized in one unified platform.
With AlphaSense’s Deal Screener feature, quickly zero in on public and private company targets by selecting over 200 customizable metrics (revenue, EBITDA, growth rates, margins, etc) that align with your criteria.
Vet Companies Instantly
After identifying a target company, accessing the Company Profiles feature allows users to conduct a deep dive in an instant. This unified dashboard provides current and historical financial data, including revenue, EBITDA, EPS, competitor performance, valuations, ratios, consensus estimates, comparables, charting, historical transactions, and peer comparisons.
Leverage Pre-Built Financial Models you Can Trust
Leverage a repository of over 4,500 analyst-built, source-linked financial models to further back your company findings; the hard work has already been done for you.
With Canalyst Models, access company-specific granular financial data including non-GAAP metrics, industry-specific KPIs, diluted share counts, and other critical data points many models often miss. Perform valuations, benchmarking, due diligence, and scenario modeling quickly and seamlessly.
Models are searchable by company name, ticker, or industry and can be filtered by sector, region, and update type. New models and those recently available following an IPO are also featured in the main view.
Understand the Story Behind the Deal
AlphaSense’s Deal Intelligence Agent, understanding the story behind the deal is built into an automated workflow. Hover over any row in the Mergers & Acquisitions Screener tool and click on the purple Summarize Deal button for an instant summary of the who, what, and why behind a transaction. This saves valuable time and eliminates the need to source secondary reports or news to understand the context behind a deal. It also enables users to leverage AI to dive deeper with follow-up questions and reference citations from source documents.
Get Up to Speed on Pre-IPO Names
Using AlphaSense’s Workflow Agents, users can create a private company primer with one click and quickly get up to speed on pre-IPO names like Fermi. Coupled with company-specific IPO Canalyst Models that are available within days of filing, gaining an early-mover advantage is easy and seamless with a complete market picture.
Gain an Edge with Workflows that do the Heavy Lifting
Capitalizing on IPO and deal momentum is easier than ever with the right workflow tools. With AlphaSense’s newly expanded Company Profiles and Financial Data, robust deal and company data exist on one unified platform to deliver the comprehensive quantitative and qualitative intelligence you trust to drive decisions. Discover how our AI-driven workflows condense and simplify the most complex research tasks, freeing up valuable time for higher-value analysis and deal execution. Surface the intelligence you need and trust in a fraction of the time — discover AlphaSense today.
Founded in 2011, AlphaSense is a leading AI-powered market intelligence platform designed to help professionals make faster, more informed decisions. The platform uses advanced search and generative AI technology to analyse and extract insights from a vast universe of business and financial content.
