2025 SaaS Benchmarks Report by High Alpha
Contents
Introduction
Executive Summary
AI-Driven Market Rebound
Growth & Efficiency
SaaS Metrics & Trends
People
Founder Insights
Closing
IPO Window Reopening
US IPO ACTIVITY IPOs Continue to Grow With Q3 2025 Marking the Largest Quarter Since 2021
IPO Count Proceeds
Total Proceeds
Number of IPOs
Notable IPOs
$16B
70
! INSIGHTS
$14B
60
While companies are staying private longer than ever due to the massive amount of private capital available, Q3 2025 represented the largest IPO quarter since 2021. This is a promising development for the venture market overall as capital returned to limited partners could help fund the next wave of venture capital funds. Without this liquidity, it’s more difficult for venture capitalists to raise capital for additional funds.
$11B
50
$9B
40
$7B
30
$5B
20
$2B
10
Q3 Q4 Q1
Q2 Q3 Q4 Q1
Q2 Q3 Q4 Q1
Q2 Q3
2022
2023
2024
2025
Source: Renaissance Capital
14
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