Recent U.S. IPO activity remains elevated with 138 operating-company deals priced in 2026 through early November and additional offerings such as vVardis and Rezera scheduled for mid-month pricing. Anthropic’s amended S-1 filing disclosed strong revenue growth and substantial compute commitments, positioning a potential launch before year-end despite ongoing valuation discussions. Equity market strength, including Nasdaq gains exceeding 35% year-to-date, has supported new-issue demand, while several SPAC filings add to the pipeline. With resolution tied to December 31, 2026, near-term catalysts center on pricing windows and regulatory timelines for high-profile candidates.