**Strong first-half 2026 IPO proceeds—more than seven times the prior year at roughly $114 billion across 65 U.S. traditional deals—have sustained momentum into the fall, supported by AI-driven demand and broader sector participation.** Hong Kong listings have already surpassed prior records with over HK$388 billion raised through Q3, fueled by technology issuers. However, elevated Treasury yields, AI spending concerns, and post-listing performance worries have prompted selective delays, including OpenAI shifting toward 2027 while Anthropic targets a November 2026 filing. Recent U.S. biotech and smaller deals continue to price, yet several high-profile candidates face valuation and market-volatility hurdles. Key near-term catalysts include Anthropic’s expected launch, U.S. midterm elections, and fourth-quarter data on inflation and rates that could influence issuance windows through year-end. Trader sentiment reflects this mix of pipeline depth against execution risks for pre-2027 resolutions.