The IPO pipeline is experiencing significant delays as high-profile companies recalibrate their public market ambitions. Anduril's odds of announcing an IPO before June 2027 fell from 97¢ to 36¢, while OpenAI's chances of going public before May 2027 dropped from 92¢ to 70¢. OpenAI is targeting a listing as early as Q4 2026, while Anthropic — the AI safety-focused lab backed by Google and valued at $380 billion — is also widely expected to explore a public listing. Anduril's founder Palmer Luckey wants to IPO after proving the company can pull off its Ohio manufacturing timeline, with a plausible IPO in 2026 or 2027 if conditions look relatively strong. The extended timelines reflect companies prioritizing operational milestones over immediate capital access in an uncertain rate environment.