Strong IPO activity through the first three quarters of 2026, including SpaceX’s record $75 billion listing, has sustained trader focus on whether additional major offerings will price before year-end. Selective market conditions, elevated Treasury yields, and AI safety debates have prompted delays for several candidates, with Anthropic shifting its target to November while OpenAI has deferred until at least 2027. Recent pricing of smaller deals shows mixed aftermarket performance, underscoring caution among issuers. Key near-term catalysts include Anthropic’s potential listing and any follow-on filings that could test risk appetite before the December 31 resolution deadline.