Spotify’s rousing success on Tuesday could be Wall Street’s loss.

The world’s largest music-streaming service roared into public life, its shares popping almost 13 percent on the first day of its listing on the New York Stock Exchange, closing at $149. 01.

The increase — after the Swedish company opened up trading at $165.90, up 26 percent — left the 10-year-old Spotify with a market cap of $26.5 billion.

Spotify did not use a Wall Street bank to go public — opting instead for a direct listing. That is, no new shares were created. Existing shareholders were the only ones selling shares.

If the trend catches on, banks could lose out on millions of dollars in underwriting fees.

Market participants said the early spike may have been the result of too few insiders making their shares available for sale.

The Scandinavian music- streamer, which claims 157 million monthly users in 61 countries, had braced itself for a potentially rough ride, as tech stocks have taken a beating lately — and no bank was on the sidelines serving as a market maker to prop up the price.

“What the stock does today from my seat is really not relevant. It’s a starting point for a valuation, but it’s a whatever,” said Rob Sanderson, an analyst at MKM Partners, who pointed to Spotify’s unorthodox listing.

The company has structured the stock-market listing to allow existing investors to sell directly to the public while offering no shares of its own, in a test case being closely watched by other well-funded multibillion-dollar tech firms with no immediate cash-raising needs.

While some on Wall Street looked at the direct listing as a potential new trend, Sanderson said that Spotify is an anomaly.

“Most companies, when they are going public, they need to raise capital. This company is both very well capitalized — with over [$1.8 billion] and they are free cash flow positive,” Sanderson said.

“They have a model of free working capital … collecting revenue before they settle liabilities,” he added.

Sanderson cited Airbnb as a company that may be able to pull off a direct listing, but he called it “an exception.”

In a public letter published ahead of the listing, CEO Daniel Ek cautioned employees and fans that “sometimes we succeed, sometimes we stumble” and “I have no doubt that there will be ups and downs.”

In February, the shares were valued at about $20 billion based on private stock sales.

Since launching its music-streaming service a decade ago, the Stockholm-founded firm has overcome heavy initial resistance — from big record labels and some major music artists — to transform how the industry makes money, but it faces stiff competition from giants Apple and Amazon, which have pricing power and can market their streaming services across their platforms and products.

“Spotify has changed the way people listen to music but, like everything, everyone caught up,” offered Gabelli & Co. analyst John Tinker. “Apple and Amazon are not going away…it’s a street fight.”

Meanwhile, Taylor Swift, who once railed against Spotify and kept her albums off the music-streaming service because she claimed it didn’t pay enough in royalties, has come into the fold now that Spotify has upped payouts.