Wall Street Eyes IPO Trackers as Newly Listed Stocks Top S&P 500

Stock bulls looking for the next hot Wall Street trade are increasingly turning to the busiest corner of the US market this year — initial public offerings.

Shares of newly public companies have trounced the broader benchmarks, with the weighted average performance of firms listing their shares on US exchanges soaring 41% in 2025, excluding financial vehicles such as blank-checks. That figure more than doubles gains in both the S&P 500 Index and the Nasdaq 100 Index.

The surge in performance is sparking interest from banks and asset managers. Goldman Sachs Group Inc. this month rolled out a Liquid IPO ...