August is typically a quiet month for IPOs, but this year, Bullish, Figma and Firefly Aerospace have ignited the new-issues market.

The S&P 500 closed at a record high Tuesday, and companies that went public in the U.S. this year are up 25% on average from their IPO prices, according to Dealogic. The IPO classes of each of the last five years all trade more than 20% below their IPO prices on average, Dealogic data show.

The crypto stock Bullish was set to jump for a second day Thursday after the CoinDesk owner soared more than 80% on its trading debut.