Global IPO markets in the first quarter of 2025 have experienced profound uncertainty, shaped by significant geopolitical shifts and the rise of disruptive artificial intelligence (AI) models. A total of 291 IPOs raised US$29.3b globally, maintaining steady volume compared with Q1 2024 while increasing total deal value by 20%. The US exceled in IPO activity, Asia-Pacific markets showed signs of recovery and EMEIA held steady. The new US administration’s sweeping policy changes have created