**Strong equity issuance momentum in late 2026 supports a high likelihood of additional IPOs before year-end.** Through early October, the U.S. market has already seen multiple traditional IPOs price, including Retension Pharmaceuticals and TRex Bio on October 8, alongside a steady flow of new S-1 filings and term sheets for biotech names such as City Therapeutics and Iambic Therapeutics. AI-driven capital needs, record equity issuance forecasts from Goldman Sachs projecting $675 billion for full-year 2026, and a deep private-company backlog continue to drive activity. Anthropic’s targeted mid-November debut at a roughly $2 trillion valuation represents the clearest near-term catalyst, while smaller deals and SPAC filings add breadth. Market conditions, including Treasury yields near multi-year highs and recent aftermarket performance, will determine execution, but the current pipeline indicates continued listings through Q4.