Elevated Treasury yields near 5.3% and valuation skepticism have tempered the 2026 IPO window, prompting several high-profile candidates to defer listings into 2027 despite a pipeline that includes Anthropic’s potential November debut and smaller deals pricing weekly. Private funding rounds exceeding $30 billion for OpenAI and others have reduced urgency for public capital, while post-IPO performance has cooled from earlier gains, with average returns near flat by late September. Market-implied odds reflect this selectivity, as trader consensus prices in only modest near-term activity before year-end amid ongoing AI sector uncertainty and regulatory focus. Upcoming catalysts include additional S-1 filings and any FOMC signals on rates that could influence risk appetite for new equity supply.