The largest US stock brokerage made the move amid slowing US IPO demand, with September marking the slowest month for US listings since March. This is Fidelity's second reduction this year, following a one-time eligibility reduction for the SpaceX IPO in June. Other brokerages like Coinbase and Robinhood have also expanded IPO access, with Anthropic's planned November debut noted as a possible subtext for the broader industry push.