Elevated Treasury yields near multi-year highs and investor selectivity amid macroeconomic uncertainty have tempered IPO activity heading into Q4 2026, prompting delays for larger candidates such as Oura and OpenAI while smaller biotech offerings like Iambic Therapeutics and City Therapeutics remain scheduled for mid-October pricing. Recent data show 83 traditional IPOs raising over $120 billion year-to-date through September, though aftermarket performance has lagged broader indices and several filings faced postponements due to valuation pressures and volatility. Trader consensus on near-term debuts reflects these dynamics, with upcoming catalysts including Fed communications on rates, Q3 earnings releases, and any shifts in equity market sentiment that could reopen windows for additional issuers before year-end.