Wilson Sonsini is pleased to present the 2025 Technology and Life Sciences PIPE and RDO Report. This report presents analysis related to 163 private investments in public equity (PIPEs) and registered direct offerings (RDOs) by U.S.-based technology and life sciences companies between January 1 and December 31, 2025. The report is limited to transactions in which the company raised at least $10 million and had at least one closing in 2025.

Key insights from our analysis:

• U.S.-based technology companies completed 43 PIPEs and 15 RDOs over $10 million in 2025, representing a 56.8% increase in such financings compared to 2024. Technology transactions raised an aggregate of $16.3 billion in 2025, almost triple the prior year. Although total amounts raised by tech issuers increased sharply in 2025, almost 60% of these proceeds were attributable to three PIPEs with a combined value of almost $9.4 billion; not counting these outliers, total amounts raised would be $6.9 billion, a 22.8% increase compared to 2024.
• Smaller, less-capitalized life sciences companies continue to face difficulties in accessing the public capital markets for financings. In 2025, U.S.-based life sciences companies completed 78 PIPEs and 27 RDOs over $10 million, representing a 38.3% decrease in such financings compared to 2024. Life sciences transactions raised an aggregate of $7.9 billion in 2025, a 33.1% decrease over the prior year.

We hope that you find the information to be interesting, and we welcome any questions or requests for additional information.

Click here to read the report.