Elevated equity valuations and strong investor demand for AI-driven growth stories are sustaining IPO momentum through late 2026, even as the Federal Reserve hiked rates 25 basis points in September and 10-year Treasury yields climbed above 5%. Year-to-date U.S. proceeds have already surpassed prior full-year records, fueled by selective large deals like SpaceX and SK Hynix alongside a pipeline of smaller offerings. Rising bond yields are compressing multiples for unprofitable issuers, prompting higher scrutiny on durable revenue, margins, and competitive positioning. Anthropic’s targeted November listing at a roughly $2 trillion valuation stands as the key near-term catalyst that could either unlock further issuance before year-end or extend the pause into 2027 if aftermarket performance disappoints.