**Strong IPO activity through October 2026 underpins high market-implied odds for additional listings before year-end.** Over 110 U.S. IPOs have already priced this year, raising roughly $147 billion, with recent deals including TRex Bio and Retension Pharmaceuticals closing in early October and Iambic Therapeutics set to follow. The visible pipeline features AI infrastructure, biotech, and consumer names, supported by confidential filings and Renaissance Capital projections of 40–70 sizable offerings potentially completing by December. Recent postponements, such as Oura’s, reflect selectivity amid elevated Treasury yields and AI-spending scrutiny, yet smaller and mid-sized transactions continue to clear. Key near-term catalysts include potential Anthropic pricing and any Q4 filings that could accelerate before the December 31, 2026 resolution window.