Wall Street’s IPO pipeline has slowed sharply in recent weeks as issuers confront tepid demand and elevated valuation scrutiny, with several high-profile deals postponed into 2027. Anthropic remains the focal point, with a confidential S-1 filed in June and a mid-November pricing window now targeted after the U.S. midterms, potentially at a $1.8–2 trillion valuation; OpenAI has explicitly deferred to 2027 while raising substantial private capital. Oura, EG Group, and others have pulled or delayed offerings amid concerns over post-IPO performance and AI-sector volatility. Despite 251 U.S. listings year-to-date through early October, the fourth-quarter calendar is thin outside marquee names, with roadshows and regulatory milestones the key near-term catalysts before year-end.