A blockbuster IPO from an under-the-radar health care company is reviving hopes for a strong year of stock offerings. Medline, a medical supplier, raised nearly $6.3 billion earlier this week in the largest IPO this year and the largest since Rivian’s public debut in 2021. The company’s stock jumped 41 percent after opening at $35 on Nasdaq on Wednesday (Dec. 17). “The huge demand for Medline’s IPO in the last week is a strong market to end the year with,” Sam Kerr, head of global ECM at Mergermarket, told Observer in a statement.
So far this year, 204 traditional U.S. IPOs have raised more than $46.5 billion, according to Dealogic data, signaling a rebound after years of slowdown driven by macroeconomic uncertainty and the pull of private capital. The total already surpasses the $31.7 billion raised in 2024 and makes 2025 the strongest year for U.S. IPOs since the peak in 2021.
Founded in 1966 and based in Northfield, Ill., Medline supplies hospitals with medical and surgical products. The company, which bills itself as “one of health care’s best-kept secrets, was acquired for $34 billion in 2021 by Blackstone, Carlyle and Hellman & Friedman.
The IPO market has remained resilient this year despite challenges, including the longest-ever U.S. government shutdown and shifting tariff policies. That momentum could accelerate in 2026, with several high-profile listings on the horizon. Elon Musk’s SpaceX is reportedly eyeing an IPO as soon as 2026 that could raise more than $30 billion, potentially making it the largest public offering in history.
A.I. darling Anthropic is also said to be weighing a public debut in 2026, possibly racing rival OpenAI to the public markets. An IPO from either company “would likely lead to an A.I. frenzy” and mark “the stock market event of the year,” according to a recent market outlook report from XTB.
Optimism isn’t limited to the U.S. Investors are also watching potential international listings from companies such as Chinese fast-fashion giant Shein and Australian software firm Canva, XTB said.
That confidence is supported by a broader global rebound in IPO activity. IPOs worldwide raised $151 billion in 2025 so far, according to Dealogic, nearly matching the record $154 billion raised in 2022 and marking the strongest year since.
A recent pullback in Big Tech stocks could further boost interest in diversified companies like Medline, said Kerr. “This could increase demand for listing outside the U.S., like Europe, where there are several investment themes playing to investor demand,” he added, pointing to defense as a particularly promising area, with the expected listings of French-German tank maker KNDS and Czech defense manufacturer CGS, as a particularly promising area.
“After a strong 2025, market participants are confident of an even better 2026,” said Kerr.
