Analysts expect the US IPO market to close 2025 on a muted note, with only a small number of mid-sized deals scheduled for the remainder of the year. Larger offerings such as Medline’s expected multi-billion-dollar float are now viewed as more likely in 2026 if market volatility persists. Investors are prioritizing clearer profitability pathways and sustainable growth over pure scale as valuations compress across newer technology and healthcare listings. Market participants remain cautious until rate expectations stabilize.