US-listed UK companies reach $2.2 trillion market capitalisation
UK headquartered companies listed in the US reached a market capitalisation of $2.2 trillion for the first quarter of 2025 alone. According to research from PwC, the choice of becoming an FPI enables UK companies to avail themselves of pent-up capital in the US, without exposing themselves to long-term risks relating to the US’ volatile trade policies.
The market capitalisation of UK companies listed in the US reached $2.2tn in Q1 2025, an increase of 6% compared to the same period last year according to figures from PwC’s FPI Watch. The inaugural report looks at the size, geography and sector composition across the EMEA region of Foreign Private Issuers - international companies outside of the United States who are listed on the New York Stock Exchange or the Nasdaq.
Foreign companies that want exposure to American markets sometimes go through the process of getting listed as a public company in the US. But some looking to access to US markets and certain friendly accommodations without having to go through the entire process of getting listed opt for a second option. They become what is known as a foreign private issuer, or FPI for short.
According to new research from PwC, the total market capitalisation of EMEA companies listed in the US reached $6.4 trillion at the end of 2025’s first quarter, a 3% decrease as compared to the same period last year. With America’s healthcare market continuing to attract large investments, arriving FPIs were dominated by the healthcare sector, with 130, followed by industrials and materials with 83. But some markets are keener than others to enter the US as an FPI.
PwC’s ‘FPI Watch’ analyses US listed companies, both Foreign Private Issuers and Domestic Issuers, headquartered in Europe, the Middle East, and Africa on a quarterly basis. This time, the study found that the UK is becoming an increasingly prominent part of the US’ FPI scene.
The number of UK companies listed in the US at the end of 2025’s first quarter totalled 91, the most in Europe. In particular, the healthcare sector accounted for more than a quarter of UK companies listed in the US with a total of 24 firms – while the consumer sector followed with 16.
Jenny Harper, partner and US capital markets leader at PwC UK, said, “A flurry of May IPO activity and increasing numbers of UK and EMEA companies planning a Wall Street debut in the next 12 to 24 months suggest that caution over macroeconomic concerns, including US trade policy, is not hampering optimism for companies and investors playing the longer game. There remains a significant base of pent-up capital in the US, so companies are focusing on readiness to be at the front of the queue when conditions are right.”
PwC found that the number of UK FPIs was second only Israel – which had the greatest number of FPIs by territory at 110. As firms there look to make the most of the pent-up capital mentioned in the US, leading FPIs include Check Point Software Technologies – a cyber security firm founded by former military personnel.
