**IPO activity in 2026 has been robust, with 109 U.S. deals raising $146.5 billion through mid-September, the strongest pace since the 2021 peak, fueled by AI infrastructure, biotech resurgence, and large listings like SpaceX’s record June offering.** Trader sentiment on high-profile names reaching the public markets by December 31, 2026, reflects selective conditions: biotechs such as Iambic Therapeutics and City Therapeutics are actively pricing this week amid improved sector appetite, while mega-deals like Anthropic (targeting late 2026 at potentially $2 trillion valuation) and others face delays from market jitters, high yields, and liquidity absorption. Elevated valuations, recent postponements (e.g., Oura), and upcoming catalysts including FOMC policy signals and earnings will shape implied probabilities, as real-money positioning aggregates views on execution risk versus window openness.