ELEVATE Act of 2025

This bill makes it a little easier and faster for some companies to go public. It lets “emerging growth” companies include only two years of profit-and-loss results in their registration, instead of the usual three, which can lower costs and speed up filings. It also lets any company send a draft of its registration to the SEC for a private review before it’s posted for the public, with the draft made public shortly before the stock starts trading. These steps aim to streamline the process while still giving investors key information.

Key points

• Who is affected: Companies planning to list on a national stock exchange, especially smaller “emerging growth” companies; investors who review company filings.
• What changes: Emerging growth companies can provide two years of financial statements instead of three; any company can submit a draft registration for confidential SEC review; those drafts must be made public at least 10 days before listing. Certain draft materials stay confidential at the SEC.
• When: The draft filing must be made public no later than 10 days before the company lists its stock.