US markets record 374 IPOs in 2025 compared with 55 across the EU
European equity markets lagged the United States with 55 initial public offerings compared to 374 in 2025, according to a Banque de France assessment. US-listed companies maintained valuations averaging 3.32 times those of their European counterparts.
From parity to a sevenfold divide
Between 2017 and 2025, initial public offerings in the European Union dropped by 60 percent, falling from 267 to 55. In contrast, US markets hosted 374 listings in 2025, amplified by 58 special purpose acquisition companies compared to only one in Europe.
Capital raised across the first three quarters of 2025 reached $49.6 billion in the United States, overshadowing the $10.8 billion raised in the EU.
Euro area companies entering public markets average 40.1 years of age, compared with 10.2 years for American entrants.
Valuations in the United States stand 3.32 times higher on average, with the seven largest technology groups alone accounting for $21 trillion in market capitalization.
Thirty-four venues, double the fees
Concerns over a mass corporate exodus remain exaggerated: only 2 percent of listed European firms moved their primary listing across the Atlantic over the past decade.
The deeper challenge lies in domestic market plumbing.
The European Union operates 34 trading venues, 33 depositories and 20 central counterparties, compared to three primary US exchanges.
Settlement costs average 53 euro cents per transaction in Europe against 25 euro cents in the United States, sustaining a 65 percent cost penalty.
Paper reforms will not build scale
Regulatory relief alone cannot compensate for fragmented market plumbing and missing institutional scale.
European bourses and clearing houses must consolidate decisively to match American liquidity depth.
Without integrated capital pools, European scale-ups will continue their exodus abroad.