Wilson Sonsini’s 2025 Technology and Life Sciences IPO Report provides in-depth analysis on 40 initial public offerings (IPOs) and five direct listings completed by U.S.-based technology and life sciences companies in 2025 with deal values exceeding $75 million.

Highlights of our analysis include:

• Market Improvement: The IPO market showed modest improvement in 2025, with a notable focus on companies with strong AI-centric capabilities and drug discovery that attracted significant investor interest.
• Technology IPOs: Among the 22 technology IPOs priced, 12 had deal values exceeding $500 million. Software led all technology sub-sectors in 2025, with six IPOs.
• Life Sciences Activity: 18 life sciences companies completed IPOs with deal values over $75 million, primarily among later-stage biotech and medtech firms. The largest life sciences IPO raised over $6 billion, while eight companies had deal values between $250 million and $500 million.

Read the full report here.