Recent IPO activity in October 2026, including TRexBio’s $117 million listing and Retension Pharmaceuticals’ $45 million deal, alongside active filings from City Therapeutics and others, underscores sustained market access despite elevated 10-year Treasury yields near 5.3% and the Federal Reserve’s September 25-basis-point rate hike. Record 2026 equity issuance of roughly $431 billion year-to-date, fueled by AI infrastructure demand and resilient aftermarket performance in biotech, supports continued deal flow into year-end. Goldman Sachs projects $175 billion in U.S. IPO proceeds for 2027 following an expected record 2026, with Anthropic’s potential mid-November listing as a key near-term catalyst. Higher-for-longer rates and AI spending concerns have prompted some sponsor-backed postponements, yet the visible pipeline of 40–70 sizable candidates keeps the window open through December.