Elevated Treasury yields near 19-year highs and the Federal Reserve’s September 2026 rate hike have tightened IPO conditions, driving multiple postponements and withdrawals in Q3 while pushing issuers to demand clearer market signals before pricing. Despite these headwinds, 2026 has already seen robust issuance—including SpaceX’s record $86 billion debut—with median proceeds rising sharply and a deep pipeline of filings supporting further activity. Anthropic’s targeted November listing, potentially seeking up to $100 billion at a multi-trillion valuation, now serves as the key near-term catalyst that could either reopen the window for additional deals before year-end or extend the pause into 2027 if performance disappoints amid ongoing rate uncertainty.