**Trader sentiment on IPO activity before 2027 centers on a resilient but selective equity capital markets window amid elevated volatility and valuation discipline.** As of mid-October 2026, the pipeline includes multiple scheduled offerings, such as Iambic Therapeutics on October 15 and Zetwerk’s $518 million Indian IPO opening around the same date, alongside Anthropic’s targeted mid-November U.S. debut at an estimated $1.8–2 trillion valuation. Year-to-date traditional IPO proceeds have already surpassed full-year 2025 levels excluding outliers like SpaceX, supported by 356 S-1 filings through Q3. High-profile delays by OpenAI and Oura reflect caution over macro factors including Treasury yield movements and investor demands for proof of AI monetization, yet smaller and mid-cap deals continue to price, indicating the window remains open through year-end. Key near-term catalysts include October and November earnings from hyperscalers and any shifts in Fed policy expectations that could influence risk appetite. Market-implied odds aggregate trader consensus on whether at least one additional IPO clears before the calendar flips, with the current backlog suggesting limited downside risk absent a sharp deterioration in conditions.