The fall 2026 IPO window remains open but selective, with 109 deals raising $146.5 billion through mid-September amid valuation mismatches that have led to postponements and pulled offerings. Recent pricings such as ADARx Pharmaceuticals highlight continued access for smaller issuers, while larger AI-driven candidates like Anthropic maintain late-2026 targets following confidential S-1 filings and strong secondary valuations near $965 billion. OpenAI has shifted expectations toward 2027 for a potential $1 trillion debut, reflecting CFO guidance and cash-burn considerations. Trader sentiment on specific names incorporates filing momentum, regulatory timelines, and macroeconomic factors including Treasury yields and equity volatility, with resolution hinging on confirmed listings by December 31, 2026.