Higher Treasury yields near 19-year highs and the Federal Reserve’s September 2026 rate hike have raised the cost of capital, compressing valuations for growth-oriented issuers and contributing to a selective U.S. IPO window. Year-to-date activity remains robust, with dozens of deals priced and strong Hong Kong fundraising, yet Q3 U.S. momentum slowed amid AI spending concerns and post-SpaceX digestion. Anthropic’s planned November listing stands as the key near-term catalyst, while OpenAI has shifted to 2027. Traders are monitoring the October 28 FOMC decision, midterm election volatility, and aftermarket performance of recent offerings to gauge whether additional filings convert before year-end.