Davis Polk partner and Corporate Department head Michael Kaplan discussed the backlog of SEC filings post-government shutdown and the impact it may have on the IPO pipeline for the remainder of the year with Bloomberg.

“Unfortunately, most pending IPOs will be [in] 2026 because there’s not a lot of time for deals where the SEC hasn’t already finished their comment process to get out by year-end,” Michael explained. “We have a couple would-be IPOs that could go in case we get lucky and the reviews are quick, but most will likely have to wait.”

When asked if the shutdown interfered with a good window to go public and if the market will look worse once things have settled, Michael said, “We’ll have to wait and see, but that’s the worry.”

“SEC’s Epic Post-Shutdown Filing Backlog Risks Stalling US IPOs,” Bloomberg (November 19, 2025) (subscription required) 

Copy link to share post