Roaring returns for US IPOs are driving fresh optimism that activity will pick up steam later this year and into 2026, even as worries over geopolitics and President Donald Trump’s tariffs hang over the market.

Led by triple-digit-percent increases for Circle Internet Group Inc. and CoreWeave Inc. — two of the year’s five largest initial public offerings on US exchanges — this year’s class of debutantes are trading up by a weighted average of about 53%, data compiled by Bloomberg show. That’s left investors hungry for more, particularly in a year where the S&P 500 Index has struggled to remain in the black.

Michael Harris, vice chairman and global head of markets at NYSE examines the health of the IPO market as well as his company's position of strength within the hierarchy of global trading platforms.