New data published by the World Federation of Exchanges (WFE), the global industry group for exchanges and CCPs, shows markets rebounded in the second half of 2025. IPO activity remained robust over the year, pointing to sustained demand for public listings against a challenging global backdrop.
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Global equity market capitalisation increased 18.5% compared to the end of 2024, amounting to USD 151.94 trillion, with double-digit growth in every region.
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Over USD 23 trillion was added to stock markets worldwide.
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Each region reached its highest market capitalisation in the 5-year period.
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Trading value rose 36.8% compared to 2024, with double-digit increases in every region.
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Each region recorded its highest annual trading value in the period.
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Non-IPO listings in the Americas region reached their maximum level in 5 years during the period, while the capital raised through already listed companies in EMEA region registered its lowest level.
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There were 1,471 IPOs globally, representing an 8.7% increase compared to 2024. “
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The Americas saw a double-digit rise (+20.3%), followed by APAC (+7.2%) and the EMEA region (+4.4%).
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The capital raised through IPOs recorded a significant increase of 42.7% on 2024 with the Americas and APAC regions growing 50.3% and 58.1% respectively, while EMEA region declined 14.1%.
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The average size of an IPO increased 31.2%, reaching USD 129.5 million/IPO.
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While the Americas and APAC regions recorded double-digit increases of 24.9% and 47.5% respectively, the EMEA region registered a double-digit decline of 17.7%.
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There were 21 IPOs that raised over USD 1 billion each compared to the 11 listed in the first half of the year.
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The number of exchange-traded derivatives contracts declined 47.1% compared to 2024, driven by options, which declined 57.1%, while futures increased 4%.
Nandini Sukumar, CEO of the World Federation of Exchanges, said, “In 2025, exchanges truly fulfilled their purpose as engines of investment and growth, while empowering investors with the tools they need to offset exposure and hedge risk. Investors and businesses have flocked to public markets with confidence, seeking growth opportunities from the liquidity, transparency, and efficient price discovery regulated exchanges provide, even during times of global turbulence.”
Pedro Gurrola-Perez, Head of Research, the World Federation of Exchanges, said, “Going forward, geopolitical turbulence and economic tensions will remain key drivers of capital markets, with uncertainty around the U.S. administration policies continuing to shape business and investor sentiment. Elevated public debt and trade fragmentation also remain important concerns. Global growth in 2026 is expected to hover around 3.1%–3.6%, largely driven by AI investment and more accommodative monetary policies, though questions persist about the long-term sustainability of the AI-investment surge.”
Read the full paper here.
