Equity issuance in 2026 has already surpassed prior records, with U.S. operating companies raising $146 billion year-to-date through September and Goldman Sachs projecting full-year totals near $675 billion, driven by AI infrastructure spending and follow-on offerings. Multiple IPOs priced in early October, including TRex Bio and Retension Pharmaceuticals, while Iambic Therapeutics and City Therapeutics are slated for mid-month, and Anthropic targets a November listing that could unlock further pipeline activity. Rising Treasury yields near 5.3% and geopolitical tensions have tempered sentiment and slowed some filings, yet the backlog of later-stage AI and biotech candidates remains robust into year-end. Key near-term catalysts include Anthropic’s performance and any Fed policy signals affecting risk appetite before 2027.