Several firms like StubHub have suspended IPO plans, and merger activity has slowed following President Trump’s imposition of global tariffs, fueling uncertainty across US dealmaking markets.
Initial public offerings involving StubHub, Klarna, eToro, Chime, Circle, and Medline have all been deferred as these firms navigate a tentative period following the US imposition of “liberation day” tariffs, which triggered retaliatory measures and stirred fears of a global trade war.
StubHub, the ticket marketplace firm, said it has paused its IPO plans but filed an S-1 registration with the SEC and maintains that it is well-positioned for a future listing. The company aims to proceed with the public offering as soon as market conditions allow.
StubHub views the current market environment as highly volatile, with significant uncertainty surrounding future policy decisions by President Trump and how markets may respond. The company maintains that meaningful IPO activity is unlikely until conditions stabilize, though the timing of such a shift remains unclear.
M&A activity in the US has also slowed in the first quarter, pressured by a baseline 10% tariff rate, the potential for further import duties, and a persistently high 4.5% interest rate held since December.
“At this very instance there is a pause-and-wait attitude in the US, that is reflected by the IPOs that were paused at the last moment,” Francois Chadwick, KPMG’s Private Enterprise Global and National Lead Partner of the Emerging Giants practice, told Global Finance.
“In a similar vein, we are seeing a little slowdown in the M&A world, again due to uncertainty. However, some large M&A deals have still progressed,” he said. “There is an increased degree of emotional uncertainty playing out that is slowing things down a little.”
Chadwick noted that, while he couldn’t speak to the specifics of individual companies, most are seeking greater clarity on how global markets will ultimately stabilize. He added, “Once we have more clarity, we will start to see more activity—once the tariff and the tax framework across the US and the globe is more clearly understood.”
The current impasse is what many analysts feared: that Trump’s impulsive policymaking could become a significant headwind for the IPO and M&A markets in the US.
