$Space Exploration Tech(SPCX.US)Many people are asking, why hasn't SpaceX, $Space Exploration Tech(SPCX.US), started trading yet?

Here's how the IPO process specifically works, and when the stock will be available for trading (bookmark this post):

The IPO is priced at 9:50 AM ET, and trading is expected to begin at 10:00 AM ET, but this is not a guarantee that the stock will start trading at that time.

Before trading begins, Nasdaq must complete the price discovery auction, which involves collecting and matching buy and sell orders.

Around 9:50 AM ET, the "Preliminary Indication" is announced, which is essentially an "indicator" of the stock's opening price.

The preliminary indication for $Space Exploration Tech(SPCX.US) is $175 per share, representing a premium of about 30% over the IPO price of $135 per share.

During this process:

1. Orders are entered, but no trades have occurred yet

2. Nasdaq continuously updates the indicative opening price

3. The opening price adjusts until supply and demand are balanced

4. Only then does the opening auction take place, and the first trade is executed

Delays are common for major IPOs, such as Google in 2004 and Meta in 2012, which didn't see their first trade until more than 2 hours after the U.S. market opened.

We expect the SpaceX IPO to open for trading within the next 60 minutes.

Buckle up for a historic day.