Strong equity market conditions and record 2026 IPO proceeds—already exceeding $160 billion year-to-date with mega-deals like SpaceX—have lifted implied probabilities for several high-profile listings before year-end. AI infrastructure demand, robust institutional inflows exceeding $200 billion into U.S. equity funds, and successful pricing of recent offerings support near-term activity, including Anthropic’s expected mid-November debut at a potential $2 trillion valuation. However, elevated interest rates, tech volatility, and selective issuer caution have prompted deferrals by OpenAI and Databricks into 2027, tempering consensus on broader participation. Key catalysts ahead include Anthropic’s pricing, follow-on flows, and any shifts in Fed policy or equity risk appetite that could accelerate or further delay filings.