Elevated Treasury yields near 19-year highs and the Federal Reserve’s resumed rate hikes have tempered IPO momentum through Q3 2026, prompting multiple postponements as investors favor safer fixed-income assets amid AI spending concerns and market volatility. Year-to-date proceeds remain robust thanks to outliers like SpaceX’s June listing and SK Hynix’s offering, while a crowded pipeline of S-1 filings—including Anthropic’s targeted November debut before midterms—keeps 2026 activity on pace for a strong finish relative to recent years. Traders price in the wisdom-of-crowds consensus that several high-profile names could still clear the window before year-end resolution, though sustained rate pressure or disappointing post-IPO performance could shift timelines into 2027. Key near-term catalysts include the November 3 midterms and any stabilization in 10-year yields.