Strong 2026 IPO momentum, with 109 deals raising $146.5 billion through mid-September, underpins trader views on activity before year-end. Supportive equity markets, AI-driven demand, and a deep pipeline of mid-cap and biotech issuers have sustained issuance even as mega-cap names like OpenAI shift to 2027 and Anthropic targets November. Recent Q3 and early Q4 pricings, including ADARx and Oura, confirm the window remains open but selective, with valuations and aftermarket performance as key swing factors. Upcoming catalysts include potential Anthropic pricing, earnings season impacts on sentiment, and any macro shifts in Treasury yields or volatility that could accelerate or stall late-year filings. Market-implied odds reflect this balance of realized volume against timing risks for the largest candidates.