UK and EMEA headquartered companies listed in the US reach $7 trillion market cap as new US listings gather pace

UK and EMEA headquartered companies listed in the US increased their combined market capitalisation to more than 7 trillion dollars in 2025, according to PwC’s latest FPI Watch report. Despite periods of market volatility and shifting interest rate expectations, US markets remained open to international issuers, with strong liquidity, improving valuations and a steady reopening of issuance windows.

Across the year, market capitalisation for EMEA issuers (including the UK) rose by 19 percent, ahead of the S&P 500 which saw a 16 percent increase in 2025 performance. Technology, financial services and industrials led the expansion, buoyed by improving sentiment and renewed global investor interest, while communication services accelerated and consumer names delivered more mixed performance.

EMEA companies listed in the US by sector

Healthcare continued to represent a significant share of overall value, supported by large established companies and ongoing biotech activity. Information technology also saw strong momentum across semiconductors and software. Financial services expanded through both market appreciation and the addition of significant new listings. Industrials and materials recorded steady gains, and communication services grew rapidly, reflecting strong investor interest. Consumer names showed varied performance but continued to contribute meaningfully. 

UK companies listed in the US by sector

UK headquartered companies listed in the US reached a combined market capitalisation of more than 2.46 trillion dollars at the end of 2025. Financial services accounted for the largest share of UK value in the US, supported by growth in fintech and platform businesses. Industrials and materials remained a major component. The consumer sector remained stable, led by one of the largest UK issuers in the US, supported by a sizeable spin-off resulting in a new listing. Information technology gained further ground, driven by valuation increases. 

New listings and routes to market

A total of 31 EMEA companies accessed the US public markets in 2025 through IPOs, dual listings, M&A spin offs, and SPAC transactions. The IPO window showed signs of recovery, with 11 US IPOs completed across 2025. The largest IPO of the year from an EMEA company, raised 1.4 billion dollars in the third quarter, followed closely by a raise of 620 million dollars in the second quarter. SPAC activity continued to provide an alternative route to market, alongside several significant spin offs. 

Jenny Harper, Partner and US Capital Markets Leader at PwC UK, said:

“Despite periods of market uncertainty, the US capital markets remained open and attractive for international issuers in 2025. We continue to see strong appetite from management teams exploring US listings, not only for IPOs but also for dual listings, strategic M&A and spin-offs. For companies with clear, compelling equity stories, the US remains a deep and scalable venue for raising capital.”

Justin Montgomery, Director in PwC UK’s US Capital Markets team, said:

“Execution confidence improved throughout 2025, reflected in the breadth of routes to market and the diversity of businesses accessing US exchanges. Issuers with strong fundamentals, profitability pathways and disciplined governance continue to be rewarded by investors.” 

Ends.

Notes to editors

FPI Watch analyses US listed companies, both Foreign Private Issuers and Domestic Issuers, headquartered in Europe (including the United Kingdom), the Middle East and Africa on a quarterly basis.