Report
October 23, 2025
The U.S. government shutdown that began on October 1, 2025 has frozen one of the most active IPO pipelines in years. With more than 90% of the Securities and Exchange Commission’s staff furloughed, the agency has largely ceased reviewing registration statements. While the SEC’s electronic filing system remains functional, new IPO filings won’t be declared effective by the SEC – effectively closing the IPO window for now.
