Rising Treasury yields above 5% and renewed expectations for Federal Reserve rate hikes have weighed on IPO sentiment in recent weeks, prompting multiple postponements including Oura's planned September 30 offering amid valuation pushback and broader market uncertainty. Strong first-half 2026 activity, led by the record SpaceX deal and AI-related issuance, established momentum, yet third-quarter deal flow fell short of expectations as oil volatility and AI safety concerns emerged. With Anthropic eyed for a potential November listing and a selective pipeline of larger candidates, trader-implied odds reflect caution over whether favorable windows will reopen before year-end amid elevated bond yields and policy signals.