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.

Cryptocurrency exchange Bullish made its entry onto the public market this week. Backed by billionaire venture capitalist Peter Thiel, Bullish began trading at $90.45 per share.