<p>In the first three quarters of 2025, the total equity financing in the US stock market reached USD 148.1 billion, a year-on-year increase of 16.40%. Among them, IPO financing was USD 46.9 billion, SPAC financing was USD 16.2 billion, and refinancing was USD 101.2 billion. A total of 310 companies successfully went public, with the non-bank financial sector raising USD 49.9 billion. Goldman Sachs ranked first in IPO underwriting, while JPMorgan Chase ranked first in refinancing</p>

- In the first three quarters of 2025, the U.S. equity underwriting market saw strong performance, with total equity financing reaching $148.1 billion, a 16.4% increase from the previous year.  
- Notably, 310 companies went public, raising $46.9 billion, while SPAC IPOs increased significantly, with 85 companies raising $16.2 billion.  
- Goldman Sachs led the IPO underwriting rankings with $4.758 billion, followed by Cantor Fitzgerald and JPMorgan, highlighting the competitive landscape in equity financing.

Wind: In the first three quarters of 2025, the equity financing scale of the US stock market totaled 148.1 billion USD