Robust IPO activity through mid-September 2026, with 109 deals raising $146.5 billion, reflects improved equity market conditions and investor appetite for growth names following the SpaceX mega-listing. Recent Q3 softness, however, stems from AI spending concerns, a 19-year high in Treasury yields, and resumed rate-hike expectations, which have tempered the fall window and pushed some filings later. The pipeline remains anchored by confidential filers such as Anthropic, eyed for potential Q4 pricing, while OpenAI timing has shifted toward 2027. Traders are weighing macro stabilization, upcoming economic data, and execution risk around large AI infrastructure offerings against the backdrop of already elevated 2026 proceeds that exceed prior-year totals by a wide margin.