• US stocks are trading near record highs, yet IPO activity has slowed sharply as companies postpone listings amid valuation concerns and weaker investor appetite.
  • Higher Treasury yields, Fed rate hikes and a rally concentrated in AI-related stocks are making investors more selective about new listings.
  • Anthropic’s anticipated IPO could be a major test of market confidence, potentially helping reopen the IPO window for companies waiting on the sidelines.

The S&P 500 hit a fresh record in early October, yet the US IPO market has gone close to silent. 

Oura, Holtec Nuclear, Bamboo Insurance and Amaero all postponed or pulled their US listings in late September, and October is shaping up as the slowest month of the year for new issues.

Higher Treasury yields, uncertainty over further Fed tightening and concerns about returns on AI investment have added to the difficulty. Higher yields raise the return investors require from equities, reducing the valuations they are willing to offer. Companies unwilling to accept those prices may postpone their listings.

A Run of Pulled Deals

Smart-ring maker Oura postponed its roughly $2.2 billion Nasdaq offering on September 29, hours before it was due to price. The company said demand was strong but cited uncertainty in the IPO market. ⁽¹⁾ Bloomberg reported that some investors had pushed back on the valuation. ⁽²⁾

Nuclear equipment maker Holtec Nuclear withdrew its planned US IPO in September, while homeowners insurer Bamboo Insurance postponed its offering amid difficult market conditions. Metal-powder producer Amaero also delayed its listing before returning in October with a smaller, $20 million Nasdaq offering. ⁽³⁾

US IPOs raised just $587.7 million from the end of September through October 22, according to Bloomberg data excluding blank-check companies and other financial vehicles.

That compares with an average of approximately $18.1 billion per month during January–September, calculated from the $162.6 billion raised over those nine months. October’s figure covers only part of the month, but the gap illustrates how sharply fundraising has slowed. ⁽⁴⁾

It isn’t the first wobble of 2026. Brokerage Clear Street postponed its IPO in February just ahead of pricing, after cutting its fundraising target by around 65%, then withdrew the listing a week later. ⁽⁵⁾ What’s different this time is that the pullback is happening with the index at a record.

An Index Rally Doesn’t Automatically Fund an IPO

A record index level says less about appetite for new listings than it might appear to. The S&P 500 is up around 14% in 2026, yet more than 4 in 10 of its stocks are lower for the year, with the gains concentrated in a few chipmakers and other AI-related names. ⁽⁶⁾

A company listing for the first time can’t borrow that group’s momentum. It has to convince investors to accept a fresh valuation, take on the liquidity risk of a new stock, and believe there is enough upside left after the deal prices. A strong index guarantees none of that.

Yields and the Fed Are Doing Most of the Work

On October 1, the 10-year US Treasury yield spiked to around 5.34%, its highest level since 2002, and it briefly touched 5.36% intraday on October 7. ⁽⁷⁾ 

An energy shock from the conflict in the Middle East renewed inflation pressure and prompted September’s Fed rate increase. The Fed then held rates at 3.75–4.00% on October 28, although two members voted for another quarter-point increase, leaving the debate over further tightening unresolved. ⁽⁸⁾ 

The Fed’s policy rate and the 10-year yield are related but move separately. Longer-term yields also reflect inflation expectations and government borrowing.

Higher yields give investors a more attractive, lower-risk alternative to a newly listed stock. They also raise the discount rate used to value a company’s future earnings, which tends to pull valuations down.

That combination hits an IPO candidate twice. Investors expect a lower price. Founders and early shareholders who hoped to list at a higher valuation may decide that waiting beats accepting a weaker one. Oura fits that pattern, with strong demand for the deal but a gap on price.

Yields have since eased. The 10-year par yield stood at 4.96% on October 22, while the benchmark market yield was around 4.92% in October 30 trading as concerns about AI spending drove investors toward bonds. ⁽⁷⁾

Lower yields can support valuations, but when they reflect deteriorating risk appetite, investors may still hesitate to buy new listings.

Selective, Not Closed

The IPO window hasn’t shut. Wall Street banks struck an optimistic tone in mid-October, pointing to robust deal pipelines even as rising yields and volatility threatened to delay transactions. ⁽⁹⁾ 

Nasdaq’s chief executive said the long-term pipeline remains robust, though executives in some sectors are re-evaluating the timing of their IPOs. ⁽⁹⁾

Anthropic Is Taking Up the Room

Part of what is pulling attention away from smaller offerings sits at the front of the queue. 

Anthropic publicly filed its IPO prospectus on October 26, bringing it a step closer to a potential November listing. Reuters previously reported that the company was targeting a mid-November debut, with investor roadshows expected to begin during the week of November 9. The schedule remains subject to change. 

The company told investors its third-quarter revenue rose to $16.8 billion, up from $11.5 billion in the second quarter, according to the Financial Times. ⁽¹¹⁾ OpenAI has also filed confidentially but says it hasn’t decided when, or whether, to go ahead with a listing. ⁽¹²⁾

For smaller issuers, the effect is crowding. Other issuers are reluctant to compete with Anthropic for institutional investor interest and capital, according to people familiar with the matter. ⁽¹⁰⁾ 

It extends a pattern already visible in the index. AI spending has pulled money toward a small cluster of names, leaving less appetite for mid-sized deals competing for the same pool.

Final Thoughts

The IPO window has narrowed because investors can afford to be choosy. Companies that can’t get the price they want are choosing to wait.

A handful of conditions would tend to reopen it.

  • Treasury yields that stay lower and steadier than their early-October peak
  • A pause in Fed tightening
  • Strong aftermarket performance from the IPOs that do price
  • A large, successful listing that gives other issuers confidence to follow

Anthropic’s debut may be the test for that last condition. Until these line up, the pattern of the past six weeks may continue, with strong indices at the top of the market and a cautious queue of companies waiting beneath them.

Sources: ⁽¹⁾ Oura statement via Reuters, ⁽²⁾ Bloomberg, ⁽³⁾ Reuters, Bloomberg, ⁽⁴⁾ Bloomberg, ⁽⁵⁾ Reuters, ⁽⁶⁾ Reuters, ⁽⁷⁾ US Treasury, Reuters, ⁽⁸⁾ Reuters, ⁽⁹⁾ Reuters, ⁽¹⁰⁾ Reuters, ⁽¹¹⁾ Financial Times, ⁽¹²⁾ OpenAI statement