Is Needham Considered MM?

Would not give too much weight to the comments above (perhaps just outdated). Although the firm is smaller and more “boutique-y” in total size (~200 employees across all offices), they definitely punch above their weight class in terms of output. 

On the ECM side, they made it into the SpaceX and SK Hynix IPOs, of which many of the firms above and other competitors (TD Cowen, Jefferies, etc.) did not. Though these are typically smaller passive roles on the larger mega deals, they are frequently lead-left / active book on smaller offerings. 

M&A is office/sector dependent, though overall not a volume shop like HL or Lincoln by any means. Boston and SF have recently closed numerous solidly 9-figure semiconductor / quantum deals, though majority otherwise can be considered MM/LMM M&A ($50M - $150M). Tech is much stronger than healthcare as a product of greater headcount / MDs on the tech side. 

Firm is coming off a strong year in 2025 with extremely solid momentum in 2026. Overall it’s a solid sector-focused MM shop that often flies under the radar but has strong senior tenure and solid junior culture. Feel like there’s not a lot on here about the firm and saw the thread pop up so figured I’d chime in.

Source: I work here