US IPO Market 2025: Shutdown Backlog, SEC Deregulation and a Narrow December IPO Window
November 26, 2025 After a red‑hot first three quarters, the US IPO market is ending 2025 in a far more fragile mood. A record‑length government shutdown has left the Securities and Exchange Commission (SEC) digging through an “epic” filing backlog, volatility has cut IPO returns to single digits, and the December equity capital markets (ECM) window is suddenly looking very tight. CFO Dive+2Insurance Journal+2 At the same time, the regulator’s drive to “make IPOs great again” by easing rules for issuers is colliding with investor caution and weak aftermarket performance. Law firms and banks are busy again – but much