Jan. 28, 2026
IPO window reopens -- with or without Big AI
IPOs climbed 20% in 2025, and attorneys expect another strong year -- with or without the long-awaited public debuts of Anthropic and OpenAI.
Initial public offerings in the U.S. rose in 2025, boosted by medical supply distributor Medline Inc., and attorneys expect another increase this year, even if much-anticipated offerings by San Francisco AI companies such as Anthropic PBC and OpenAI Inc. do not happen.
There were 202 traditional IPOs last year, a 20% hike from 2024 and a continuation of the increase since 2022, when public offerings plummeted from a spike the year before. They raised $44 billion combined, accordin...
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