Recent IPO activity and the near-term calendar provide the main support for market-implied odds on IPOs occurring before 2027. As of mid-October 2026, multiple U.S. listings have priced or are scheduled within days, including Bitari, Web3Labs Global, and others set for late October, alongside recent deals such as City Therapeutics and Iambic Therapeutics. Year-to-date U.S. IPO volume stands at 259 transactions, with aggregate proceeds exceeding prior periods despite selectivity favoring larger or sector-specific offerings. Fed funds remain in the 4.25–4.50% range, Treasury yields near recent highs, and equity markets continue to accommodate selective new issues, though volatility and AI-related concerns have delayed some high-profile names like Anthropic toward November. Additional catalysts include potential S-1 filings and international listings through year-end.