Elevated Treasury yields near 19-year highs and the Federal Reserve’s September 2026 rate hike have introduced selectivity into the IPO market, slowing larger deals while permitting smaller biotech and growth listings to proceed. Year-to-date 2026 proceeds already exceed full-year 2025 levels excluding SpaceX, with Q3 activity reaching roughly $33 billion amid mixed aftermarket performance. Multiple offerings, including Iambic Therapeutics and City Therapeutics priced in mid-October and Anthropic preparations targeting November, anchor the near-term calendar before the U.S. midterms. Traders price in continued modest issuance through December 2026, tempered by volatility in rates and AI-spending scrutiny, though strong institutional appetite for quality names supports pipeline execution.