Strong IPO activity in 2026, with 253 U.S. listings completed year-to-date through early October and dozens more in the pipeline, underpins trader expectations for additional debuts before year-end. Recent pricing of deals such as TRex Bio and Retension Pharmaceuticals, alongside filings from Iambic Therapeutics and others, reflects sustained investor demand amid stable equity markets and lower withdrawal rates than in prior years. Key catalysts include Anthropic’s targeted October or November listing and continued biotech and AI-related offerings, supported by Treasury yields and equity valuations that have enabled both small and larger transactions. Market-implied odds price in a high likelihood of resolution via at least one more IPO before January 2027, with Q4 volume hinging on post-election sentiment and any shifts in Fed policy expectations.