Elevated Treasury yields, with the 10-year note recently reaching a 19-year high near levels last seen in 2007, combined with the Federal Reserve’s September 2026 rate hike, have compressed growth valuations and prompted multiple postponements in the third quarter. Despite this, U.S. IPO proceeds through September already exceed full-year 2025 totals when excluding the outsized SpaceX deal, supported by selective demand for profitable or AI-adjacent issuers. A visible pipeline of smaller biotech and technology offerings is slated for mid-October pricing, while Anthropic targets a pre-Thanksgiving U.S. debut ahead of the November 3 midterms. These near-term catalysts, alongside sustained Hong Kong and A-share activity, underscore resilient but rate-sensitive issuance through year-end.