Strong year-to-date U.S. IPO activity, with 262 deals priced through late October 2026 raising over $160 billion including SpaceX’s record $75 billion offering, has established a robust pipeline, yet recent macro volatility and elevated valuations have prompted modest softening and several postponements to 2027. Multiple listings remain scheduled for November and December, including OPay, Aspen Neuroscience, and Bambusa Therapeutics at the end of October, while Anthropic’s S-1 filing on October 26 positions its potentially massive debut for marketing in early November ahead of a possible pre-Thanksgiving listing. Trader sentiment reflects this tension between sustained issuance momentum—supported by equity inflows and AI/biotech interest—and risks of further delays amid uncertain rate paths and market digestion of large supply. Key near-term catalysts include Anthropic’s roadshow and any additional S-1 filings or pricing updates through year-end.