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.

Crypto exchange Bullish made a blockbuster Wall Street debut, with shares opening at $90, more than doubling its IPO price.