I’ve been seeing more IPO announcements recently. I had a gut feeling that IPO activity has increased materially, but I hadn’t looked at the data to confirm. In fact, I haven’t looked at the data since my last update in March 2025 (see here), so today I did. Here are the updated IPO stats through July 2, 2025:

• 2025: 175

Here’s the 2025 breakdown by month:

• January: 28
• February: 28
• March: 19
• April: 32
• May: 34
• June: 25
• July: 9 (so far)

For comparison, here are previous years’ IPO stats:

• 2024: 225
• 2023: 154
• 2022: 181
• 2021: 1,035
• 2020: 480
• 2019: 232

IPO activity picked up after March. At this rate, we’ll exceed 2019, which was pre-COVID and pre-ZIRP. We’re on track to have the most IPOs since interest rates rose rapidly in 2022.

We still have six months left in the year, and anything can happen. If the Q2 taught me anything, it’s that curveballs can come at any time (e.g., April tariffs). But I suspect lots of technology CEOs and their VC investors are watching the IPO stats and strongly considering going public while the window is open and public market investors are receptive to buying shares in technology companies.

If you want to see the IPO stats—recent or historical—try here (where I get my IPO data).