Elevated Treasury yields near 5.3% and the Federal Reserve’s September rate hike have raised the cost of capital, prompting several issuers to delay or postpone IPOs into 2027 while investors demand wider discounts and stronger profitability signals. Record U.S. proceeds of $146 billion year-to-date, driven largely by SpaceX’s June listing, reflect selective appetite concentrated in AI infrastructure and scaled platforms, with smaller biotechs and data-center names continuing to price. Confidential filings remain active for Anthropic and others, though mid-November timing around U.S. midterms introduces additional volatility. The pipeline of pending S-1s supports potential activity through year-end, yet higher-for-longer rates and election uncertainty continue to compress multiples and favor only the most durable growth stories.