There were 16 filings in the AI trend category in 2025, with 12 filings occurring in 2025 H1 but only four filings occurring in 2025 H2. Cryptocurrency-related filings slightly increased, while COVID-19-related filings fell to its lowest level since the trend emerged. The number of mega DDL and mega MDL filings in 2025 were nearly the same as 2024, but the total DDL and total MDL associated with mega DDL and mega MDL filings, respectively, increased substantially.
TREND FILINGS
There were 16 AI-related filings in 2025, slightly higher than the number of such filings in 2024. Only four of the 16 AI-related filings in 2025 were filed in 2025 H2.
The trend categories with the most filings in 2025 were AI (16), SPAC (10), and Cryptocurrency (9).
The number of COVID-19-related filings decreased from 15 in 2024 to three in 2025, the lowest number of such filings since tracking of the trend category began in 2020. For each cohort of filings since 2021, COVID-19-related filings have been dismissed at a higher rate.
MEGA FILINGS
Mega filings accounted for the vast majority of total MDL and total DDL (89% and 81%, respectively), significantly above the 1997–2024 annual averages.
In 2025, the number of mega MDL filings (36) was only slightly higher than in 2024 (34), but total MDL from mega MDL filings in 2025 ($2,551 billion) increased by 97% relative to 2024 ($1,292 billion).
1933 ACT FILINGS
The number of federal and state 1933 Act filings in 2025 (23) was slightly higher than in 2024 (22).
State 1933 Act filing counts have remained low since 2020, with only four state 1933 Act filings in 2025.
U.S. EXCHANGE-LISTED COMPANIES
The likelihood of a core filing against a U.S. exchange–listed company decreased from 3.9% in 2024 to 3.5% in 2025.
NON-U.S. ISSUERS
Core federal filings against non-U.S. issuers as a percentage of total core federal filings in 2025 was 11%, reaching a 15-year low.
The number of federal filings against non-U.S. issuers decreased by 35%, from 34 filings in 2024 to 22 in 2025, well below the 2015–2024 annual average of 44 filings.
BY INDUSTRY
The number of filings in the Consumer Cyclical sector decreased by 49% in 2025 relative to 2024.
The number of filings in the Technology sector decreased from 37 in 2024 to 30 in 2025, but total MDL for filings in the Technology sector increased by 260%, from $347 billion in 2024 to $1,250 billion in 2025.
BY CIRCUIT
The number of core filings in the Ninth Circuit decreased by 30% from 2024 to 2025.
The number of core filings in the Third Circuit in 2025 (26) was higher than in 2024 (19), largely driven by a surge in filings in the Biotechnology (four filings) and Pharmaceuticals (seven filings) subsectors.
The views expressed herein are solely those of the authors and do not necessarily represent the views of Cornerstone Research.
