Recent IPO activity and a visible pipeline of smaller offerings through late 2026 form the core driver of sentiment on whether any listings occur before 2027. Multiple U.S. biotechs and international issuers have priced or set terms for October and November, including Lycia Therapeutics targeting late October and recent mid-month debuts such as City Therapeutics and Iambic Therapeutics. High-profile AI names like Anthropic are advancing toward a possible November marketing window, while OpenAI has shifted to 2027 amid governance and market volatility concerns. These dynamics highlight selective execution favoring established or modest-sized deals over mega-valuations, with additional filings and SPAC activity expected before year-end resolution.