**Rising Treasury yields and Federal Reserve rate hikes in September 2026 have tightened the IPO window, favoring only high-quality issuers with clear paths to profitability amid elevated volatility (VIX near 22).** The market has seen over 250 U.S. IPOs year-to-date through mid-October, including recent biotech and AI-adjacent deals such as Iambic Therapeutics and City Therapeutics, though larger candidates face delays or withdrawals like Firmus due to valuation compression and investor selectivity. AI infrastructure and revenue-generating biotechs remain in focus, with confidential filings active and Anthropic targeting a potential November 2026 debut. Key upcoming catalysts include FOMC communications, Q4 earnings, and stabilization in the 10-year Treasury yield, which directly influences discount rates and aftermarket performance for new issues. Trader sentiment reflects a selective rebound rather than a broad reopening.