Rising Treasury yields and the Federal Reserve’s September 2026 rate hike have increased discount rates, compressing valuations for growth-oriented issuers and contributing to Q3 postponements, yet the IPO pipeline remains active with multiple offerings scheduled through year-end. Year-to-date U.S. proceeds already exceed 2025 full-year totals excluding the outsized SpaceX deal, supported by strong institutional demand for AI-adjacent and biotech names. Anthropic targets a November listing, while smaller deals in healthcare and technology are set for October, alongside robust Hong Kong activity exceeding prior records. Key near-term catalysts include post-election market stability, upcoming inflation data, and aftermarket performance of recent listings, which will influence whether issuers proceed before December 31, 2026.