117 With innovation in technology, artificial intelligence, defense, and life sciences driving investor demand, Israeli companies are poised to capitalize on a strengthening US IPO market in 2026. Israeli companies have a long and successful track record in the US capital markets. Since the 1980s, hundreds of Israeli companies have listed on the Nasdaq or NYSE, and approximately 100 are currently listed—more than from any other foreign country apart from China and Canada. This leadership reflects Israel’s position as a global hub for innovation. US-listed Israeli companies span diverse industries, with fast-growing technology and life sciences companies particularly well-represented. Following a strong recovery of the initial public offering (IPO) markets, and significant M&A and foreign investment in the Israeli technology sector in 2025, the stage is set for continued momentum in 2026. The US capital markets offer unparalleled opportunities for Israeli technology and life sciences companies to raise the capital necessary to achieve growth and global scale. A listing on a US exchange provides access to the world’s deepest pools of institutional and retail capital, attracting investment from both US and international investors. An NYSE or Nasdaq listing delivers liquidity, visibility, and credibility—often catalyzing strategic partnerships, M&A opportunities, and enhanced brand recognition. As the IPO market strengthens and investor appetite for innovation-driven companies intensifies, the window of opportunity for Israeli issuers is widening. The US market continues to offer premium valuations for innovative technology and life sciences companies compared with other global markets. Israeli companies are well-positioned to benefit from this dynamic, potentially achieving stronger valuations that enable them to raise more capital on favorable terms. For Israeli founders, investors, and growth-stage companies, the path to the US public markets presents a strategic opportunity to accelerate growth, reward early stakeholders, and expand global reach. Market Overview and Outlook The US capital markets demonstrated continued recovery in 2025, with both IPO deal count and proceeds raised reaching their highest levels since 2021. A total of 202 IPOs raised approximately $44 billion in proceeds—a notable increase from 2024’s 150 IPOs raising $29 billion, and substantially exceeding the combined totals of 2022 and 2023. While this upward trajectory is encouraging, a deeper analysis reveals a market characterized by volatility and uneven activity. The year began strongly but stalled in April, regained momentum over the summer, and was then significantly cooled by a US government shutdown. The median deal size of approximately $15 million underscores a bifurcated market: While headline proceeds were driven by landmark billion-dollar offerings—including Medline, Venture Global, CoreWeave, SailPoint, and Klarna—nearly 65 percent of IPOs raised less than $100 million, reflecting substantial activity among microcaps. Notably, the number of IPOs raising more than $100 million remained below the 10-year average. Foreign issuers accounted for 115 (57 percent) of the year’s IPOs. Three Israeli companies completed IPOs in 2025: Odysight.ai, eToro, and Nasus Pharma. The technology sector led the 2025 IPO market, producing 44 offerings that raised $9.6 billion. Key themes included software, e-commerce, cryptocurrency, and artificial intelligence. The health care sector contributed 34 offerings raising $10.7 billion—more than half attributable to Medline— though deal flow was constrained by a continued drought in biotech. The financial sector also showed relative strength, with 27 IPOs raising $9.2 billion, driven by digital asset managers, insurance, and crypto exchanges. The special-purpose acquisition company (SPAC) market staged a meaningful comeback in 2025—with 144 blank check companies raising approximately $30 billion through IPOs—the third-largest year ever for SPAC activity after 2020 and 2021, and a substantial increase from 2024’s 57 SPACs raising $10 US — CAPITAL MARKETS
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