There was no shortage of exuberance in the market over the past week: an all time-high for the Nadaq Composite, bankrupt companies issuing new stock, and a little-known electric truck company soaring past Ford Motor in market value. But the sudden excitement around initial public offerings may be the best sign of froth.

On 9 June, Vroom, the online car-buying platform, went public for $22 a share. That was some 35% higher than the range that Vroom’s bankers had set a few weeks earlier. And yet the stock still soared 118% on its first day of trading. Vroom ended the week at $43. It was a triumphant end to a six-month streak without a single IPO from a venture-backed tech company.