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Tech IPOs are popping. A lot.

All but one of the 15 large tech listings so far this year popped on their first day of trading.

Tech IPOs this year have had to launch in unusual, volatile circumstances. But for the most part, they've got one thing in common: gigantic pops.

Looking at the 15 large tech listings of the year so far (not including Unity, which listed Friday), all but one popped. On average, they ended their first day of trading 81% above their IPO price, and some traded much higher: BigCommerce, which had the biggest pop, tripled in value.

Research from Renaissance Capital suggests that, though pops are normal, this year is particularly abnormal: Across all industries, the average first-day performance has been a 36% rise, well above the historical average of 14%. And Ipreo data shows that tech, with an average gain of 28%, only lags health care in terms of its first-day performance.

The pops have reignited debates about whether the IPO process is broken. Critics argue that companies are leaving money on the table and giving handouts to large institutional investors. Proponents, meanwhile, point out that the first-day trading price might not accurately reflect what an entire IPO block could be sold for. They also point to the risk that investors take on by buying illiquid stock — something that investors in Rackspace, the only tech stock to fall on its first day of trading this year with a 22% plunge, know all too well.

 Shakeel Hashim

Shakeel Hashim ( @shakeelhashim) is a former growth manager at Protocol, based in London. He was previously an analyst at Finimize covering business and economics, and a digital journalist at News UK. His writing has appeared in The Economist and its book, Uncommon Knowledge.

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Michelle Ma

Michelle Ma (@himichellema) is a reporter at Protocol covering climate. Previously, she was a news editor of live journalism and special coverage for The Wall Street Journal. Prior to that, she worked as a staff writer at Wirecutter. She can be reached at mma@protocol.com.

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Great products are built on strong patents

Experts say robust intellectual property protection is essential to ensure the long-term R&D required to innovate and maintain America's technology leadership.

Every great tech product that you rely on each day, from the smartphone in your pocket to your music streaming service and navigational system in the car, shares one important thing: part of its innovative design is protected by intellectual property (IP) laws.

From 5G to artificial intelligence, IP protection offers a powerful incentive for researchers to create ground-breaking products, and governmental leaders say its protection is an essential part of maintaining US technology leadership. To quote Secretary of Commerce Gina Raimondo: "intellectual property protection is vital for American innovation and entrepreneurship.”

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Bolt, Trade Republic, HomeLight, and Stord all drew attention from funding announcements that happened just weeks or days before layoffs.

Photo: Pulp Photography/Getty Images

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“Bolt employees were blind sided because the CEO was saying just weeks ago how everything is fine,” an anonymous user wrote on the message board Blind. “It has been an extremely rough day for 1/3 of Bolt employees,” another user posted. “Sadly, I was one of them who was let go after getting a pay-raise just a couple of weeks ago.”

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Kevin Frayer/Getty Images

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Lisa Martine Jenkins is a senior reporter at Protocol covering climate. Lisa previously wrote for Morning Consult, Chemical Watch and the Associated Press. Lisa is currently based in Brooklyn, and is originally from the Bay Area. Find her on Twitter ( @l_m_j_) or reach out via email (ljenkins@protocol.com).

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White House AI Bill of Rights lacks specific guidance for AI rules

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Photo: Ana Lanza/Unsplash

It was a year in the making, but people eagerly anticipating the White House Bill of Rights for AI will have to continue waiting for concrete recommendations for future AI policy or restrictions.

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Kate Kaye

Kate Kaye is an award-winning multimedia reporter digging deep and telling print, digital and audio stories. She covers AI and data for Protocol. Her reporting on AI and tech ethics issues has been published in OneZero, Fast Company, MIT Technology Review, CityLab, Ad Age and Digiday and heard on NPR. Kate is the creator of RedTailMedia.org and is the author of "Campaign '08: A Turning Point for Digital Media," a book about how the 2008 presidential campaigns used digital media and data.

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