Equity issuance has accelerated sharply in 2026, with Goldman Sachs projecting a record $675 billion in U.S. volume for the full year—driven by AI-related capital needs and strong investor demand—followed by another $600 billion in 2027. This environment supports a robust pipeline of IPOs through year-end, including Anthropic’s anticipated debut near Thanksgiving at a valuation approaching $2 trillion. Smaller biotechs and growth companies continue pricing weekly, while larger candidates such as OpenAI have signaled 2027 timing. Key near-term catalysts include Anthropic’s performance, which could either unlock additional listings or extend caution into early 2027, alongside broader equity market levels and Treasury yields that influence valuation windows.