Strong equity market performance and sustained investor demand for AI-related growth stories have kept the U.S. IPO window open into Q4 2026, with 109 offerings raising $146.5 billion through mid-September. Recent small-cap and biotech listings priced in early October, while Anthropic’s anticipated November debut—potentially the largest on record at a ~$2 trillion valuation—remains the dominant near-term catalyst. Broader pipeline activity, including filings from fintech and healthcare issuers, reflects favorable valuation multiples and post-SpaceX momentum, though rising Treasury yields and concerns over AI capital spending have introduced selectivity. Any slippage in Anthropic’s timeline or weak aftermarket trading could compress remaining 2026 deal flow, while stable or improving risk appetite would support additional launches before year-end.