**Robust pipeline activity and Anthropic’s recent S-1 filing are the main drivers supporting high implied probabilities of at least one IPO before year-end.** Anthropic publicly filed on October 26 targeting a Nasdaq listing with marketing eyed for the week of November 9 and potential trading before Thanksgiving, amid reports of valuations up to $2 trillion. Multiple smaller U.S. deals, including Bitari and others with price ranges set, are scheduled for early November, while 2026 has already produced over 250 IPOs and second-highest proceeds on record. Elevated Treasury yields and recent volatility have prompted some postponements like OPay, but the overall backlog and selective investor demand for AI and biotech names keep near-term execution likely. Key catalysts include Anthropic’s roadshow timing and any additional filings clearing the SEC in the next two weeks.