**Robust IPO activity throughout 2026, with 247 U.S. listings year-to-date as of September 24 and additional deals scheduled through year-end, reflects a sustained market recovery fueled by mega-cap debuts such as SpaceX and strong demand for AI-related and growth issuers.** Proceeds have surged well above prior-year levels, supported by elevated trading volumes and constructive aftermarket performance in many cases, though Q3 saw some moderation with 31 deals raising $34.9 billion amid concerns over AI spending, 19-year highs in bond yields, and resumed rate-hike expectations. Multiple offerings, including Oura’s targeted $2.1 billion Nasdaq listing and others like Accelevation Holdings, are slated for late September, while Anthropic remains on track for a potential November debut; these near-term catalysts, alongside the broader private-company backlog, continue to shape trader sentiment on pre-2027 listings. Market-implied odds price in high probability of further activity before year-end, tempered by sensitivity to Treasury yields, equity volatility, and post-election stability.