The IPO market in 2026 has reopened selectively for large-scale issuers, with 251 U.S. deals priced year-to-date raising over $150 billion, led by SpaceX’s record $75 billion listing. Trader sentiment for additional IPOs before year-end centers on valuation discipline amid elevated Treasury yields and AI-related uncertainty, as evidenced by recent postponements including Oura and several smaller filings. Anthropic’s planned November debut remains the key near-term catalyst, while OpenAI has shifted to 2027 amid safety concerns and pricing debates. Broader pipeline breadth beyond mega-deals stays limited, with activity hinging on post-earnings performance and risk appetite into the fourth quarter.