**Multiple U.S. IPOs have priced and begun trading in September 2026, with additional offerings advancing through the pipeline toward Q4 listings.** Recent examples include ADARx Pharmaceuticals, which priced its $446 million offering on September 24 and started trading the next day, alongside other issuers such as Orion180 Insurance Group and several smaller biotechs and tech firms that filed or amended S-1s in the prior 30 days. Activity has been supported by strong institutional demand for larger deals despite elevated Treasury yields near 19-year highs and investor caution around AI spending. Key near-term catalysts include Anthropic’s expected Nasdaq debut, now eyed for October or November after its June confidential filing at a roughly $965 billion valuation, plus Oura and other active registrations. With dozens of deals already completed year-to-date and more slated before year-end, the market-implied probability of at least one IPO before 2027 remains elevated, though sustained rate volatility or weak aftermarket performance could delay marginal issuers.