The market implies a dramatic acceleration in Fannie Mae's IPO timeline, with odds of an official announcement before December 1 soaring from 6¢ to 62¢. Recent reports indicate the Trump administration is targeting a Q2 2026 public offering after Fannie Mae and Freddie Mac reported combined Q3 profits of $6.7 billion, with plans to sell about 5 percent of both companies' shares to raise $25-30 billion.

FHFA Director Bill Pulte called it a "very, very hot over subscribed IPO" with the potential to be the "biggest IPO in history," noting that major banks are actively pitching the president. However, recent Trump directives for $200 billion in MBS purchases may delay the timeline, with one analyst suggesting "it's more likely than not they don't happen in 2026 now". The massive price swing reflects uncertainty around competing policy priorities.