SpaceX IPO: Why SPCX Stock Isn’t Trading Yet Despite $171 Indication

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SpaceX Is A Public Company Now, So Why Is SPCX Stock Not Trading Yet?

SpaceX began trading as a publicly held company with an initial price around $171 per share – nearly 27% higher than its original offering price of $135. Despite this, no shares had actually been bought or sold on the Nasdaq exchange one hour after trading opened.

The delay isn’t due to any technical issues; it’s simply part of the standard process. Before a new stock can start trading on Nasdaq, an auction needs to complete to determine its initial price, and high interest is currently making this take longer than usual.

How the SpaceX IPO Opening Auction Works

Initial signals about the start of trading for SPCX came around 9:50 AM Eastern Time, and it was originally anticipated to begin near 10:00 AM. However, these times were always estimates, not firm commitments.

Before trading officially begins, Nasdaq conducts an IPO cross. During this brief period, orders can be submitted, but no trades actually happen.

The exchange constantly adjusts the initial price shown based on how much buyers and sellers are actively trading.

Trading doesn’t truly begin until there are enough buyers and sellers. Before that happens, even those with digital SpaceX shares on cryptocurrency exchanges can only see where the price is heading but can’t actually trade.

Investors who studied pre-IPO investment routes are waiting on the same print.

Before trading can officially start on Nasdaq, an auction takes place to determine the initial price of the stock by gathering and matching buy and sell orders.

Around 9:50 AM Eastern Time, early indications showed $SPCX opening at $171 per share – a significant 27% higher than its initial public offering (IPO) price of $135.

Here’s how the process works:

— BeInCrypto (@beincrypto) June 12, 2026

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Record Demand Made a Delay Likely

The recent $75 billion offering received over $350 billion in orders, including more than $250 billion from institutional investors. Because of this high demand, individual investors received a smaller portion of the offering, with allocations dropping to around 20%, as banks prioritized long-term investment funds.

That mismatch leaves a deep queue of unfilled buyers entering the auction.

Historically, the biggest debuts opened late.

When Meta first became publicly traded in 2012, trading was delayed for half an hour. Nasdaq’s systems couldn’t handle the initial rush of buy and sell orders, and the first trade didn’t happen until 11:30 AM Eastern Time.

Experienced trader Brett Harrison shared on X that a hardware issue at a data provider caused Jane Street’s US stock market data to temporarily fail when Facebook’s stock trading began for the day. The problem was caused by a data overflow bug.

With SpaceX going public today, here’s a story from inside Jane Street about what happened on the day Facebook went public in 2012.

— Brett Harrison (@BrettHarrison) June 12, 2026

Google also saw a similar delay in its 2004 public listing.

This agreement has already created significant wealth for employees through stock options and signals the start of a larger series of major companies going public.

Now, the key question is if the initial 27% price increase will hold up after the deal is finalized.

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2026-06-12 18:21