The IPO market entering Q4 2026 features a selective window shaped by a deep pipeline of AI infrastructure and tech issuers alongside recent postponements. SpaceX’s June listing contributed heavily to 2026’s $156 billion in deal value through September, with 223 U.S. IPOs already trading and Renaissance Capital projecting 40–70 additional sizable offerings raising over $125 billion by year-end. Anthropic remains the clearest near-term catalyst, with timing eyed for October or November at a potential record valuation, while OpenAI has shifted to 2027. Recent delays, including Oura’s pullback over valuation concerns and tepid investor demand, reflect caution around AI revenue trajectories versus lofty multiples. Smaller listings continue to price, but broader risk appetite hinges on equity market stability and earnings visibility ahead of year-end.