**Strong 2026 IPO momentum, with over 250 U.S. deals priced year-to-date raising more than $140 billion through early October, underpins high trader-implied probabilities for additional offerings before year-end.** Issuance has accelerated beyond 2025 levels, driven by AI infrastructure, biotech, and select growth names, even after excluding SpaceX’s record $75 billion June listing. Recent activity includes multiple Nasdaq pricings on October 9 (Retension Pharmaceuticals, TRex Bio) and upcoming roadshows for Iambic Therapeutics and City Therapeutics, with a deep pipeline of S-1 filings supporting further listings through November. Selectivity remains elevated, with some postponements tied to valuation discipline and competition for capital ahead of potential mega-deals like Anthropic, yet overall deal flow and institutional appetite indicate continued activity into Q4. Key near-term catalysts include post-Fed macro clarity and performance of late-October offerings.