Elevated Treasury yields near 19-year highs and the Federal Reserve’s September 2026 rate hike have raised discount rates, compressing valuations for growth-oriented issuers and prompting greater selectivity plus several Q3 postponements. Despite the softer near-term pulse, U.S. IPO proceeds already exceed prior-year totals through mega-deals, with a pipeline of smaller biotech listings scheduled for mid-October and larger candidates such as Anthropic eyed for November. Goldman Sachs projects substantial 2027 issuance, underscoring sustained corporate demand for public capital amid AI-driven themes, though resolution hinges on yield stabilization and aftermarket performance before year-end.