**Strong IPO activity through mid-2026, with 249 U.S. listings raising substantial proceeds by late September, has kept the window open but increasingly selective amid elevated Treasury yields near 19-year highs and caution over sustained AI capital spending.** SpaceX’s record June debut and other large deals like SK Hynix anchored volume exceeding $146 billion year-to-date, yet several marquee names face timing pressure: OpenAI has reportedly shifted focus toward a 2027 listing at a potential $1 trillion valuation, while Databricks has explicitly deferred. Anthropic’s confidential filing positions it for a possible late-2026 window, and near-term tests include Oura’s expected $2.1 billion Nasdaq pricing around September 29–30 alongside Accelevation. Trader sentiment on high-profile IPOs before year-end hinges on whether recent debuts maintain momentum, broader equity valuations stabilize, and regulatory or macroeconomic signals (including any FOMC communications) support risk appetite through the final quarter.