Recent IPO activity and a crowded late-2026 pipeline anchor trader expectations for listings before year-end. Multiple companies priced offerings in late October, including OPay at a roughly $4 billion valuation and several biotech names, while Anthropic filed publicly and is slated to begin marketing the week of November 9 for a potential mid-November debut. Smaller U.S. and international deals, such as those from HiJoJo Partners and Japan Home Shield, remain on November calendars, with additional filings progressing despite selective delays in AI infrastructure names amid rising rates and sector volatility. Equity market conditions, Fed policy signals, and seasonal windows through December continue to shape execution timelines, supporting the view that at least one additional IPO will resolve before 2027.