Elevated Treasury yields near multi-decade highs and a September Federal Reserve rate hike have raised the cost of capital, compressing growth-stock valuations and prompting several high-profile delays in the final months of 2026. Year-to-date U.S. IPO proceeds exceed $140 billion, driven by mega-deals such as SpaceX, yet traditional deal counts lag prior-year levels amid selective investor demand for profitable or AI-infrastructure names. Recent volatility in AI peers and the 30-year Treasury yield above 5% have shifted portions of the pipeline—including OpenAI—to 2027, while Anthropic’s potential November listing and a modest Q4 biotech calendar represent the primary near-term catalysts. Market-implied odds reflect trader focus on whether yields stabilize or further data releases reopen the window before year-end.