**Strong IPO momentum in 2026, driven by favorable equity market conditions and investor demand for growth names, continues to support listings through year-end.** Multiple offerings priced in September, including ADARx Pharmaceuticals’ upsized $446 million deal and several SPAC-related transactions, while new S-1 filings remain active. Year-to-date proceeds already exceed prior-year totals by a wide margin, led by mega-deals such as SpaceX, though Q3 activity moderated amid concerns over AI spending, higher Treasury yields, and resumed rate-hike expectations. OpenAI’s decision to defer until 2027 highlights selectivity among the largest AI firms, yet broader pipeline breadth in biotech, consumer, and financial sectors suggests sustained deal flow. Key near-term catalysts include October–December economic data releases and any stabilization in equity valuations that could accelerate additional pricings before December 31, 2026.