Elevated Treasury yields near 19-year highs have raised discount rates and compressed valuations for growth-oriented issuers, contributing to Q3 postponements and prompting OpenAI to target 2027 while Anthropic advances toward a November 2026 listing. Through the first half of 2026, U.S. IPO proceeds exceeded $114 billion—more than seven times the prior-year pace—with SpaceX’s record offering underscoring selective investor appetite for scaled AI and infrastructure names. Recent SEC filings and smaller deals in early October reflect a resilient pipeline of mid-sized candidates despite volatility, supported by equity market levels and sector-specific demand. Key near-term catalysts include Anthropic’s expected pricing, additional AI-related S-1s, and any FOMC signals on rates that could further influence issuance windows before year-end.