Hours after the bell,
SPCX still isn't trading ⏳
The most anticipated debut in market history is making everyone wait. Nearly three hours after Elon Musk and Gwynne Shotwell rang the opening bell, SPCX still has not printed a first trade. The open has been pushed back toward noon ET as Nasdaq wrestles a deal with a tiny float into balance - and while it waits, the indicated price has cooled again, to about $150.
Live as of ~11:05 AM ET, June 12, 2026. "Indicated" prices are pre-trade reference levels from the opening cross, not completed trades. Editorial commentary, not investment advice.
Where things stand right now: no first trade yet. Nasdaq's order-matching is running long, and reporting points to a noon-ET open, give or take. The indication has eased to ~$150 - still a double-digit pop over $135, just a patient one. We'll update the moment it prints.
The delay, in four numbers
first trade pushed back ~2.5 hrs past the bell
down from $175 at the morning peak
over the $135 IPO price, off from ~30%
tiny free float makes the cross hard to balance
Why the biggest IPO ever is the slowest to open
A delayed open on a blockbuster IPO is normal - and the bigger the deal, the longer it takes. SPCX is the most extreme version of the problem: $75 billion of stock, a record valuation, a stampede of retail orders, and - critically - a free float of just 4.3%. Almost all the shares are locked up with insiders and long-term holders, so only a sliver actually trades. When demand that huge chases a supply that thin, finding the single price that clears the most volume is genuinely hard, and Nasdaq's market makers won't rush it.
So the designated market maker keeps widening and re-balancing the opening cross, publishing indications and waiting for enough two-sided interest to print an orderly first trade. That's why the expected open has slid from "shortly after 9:30" to "around 9:50" to, now, roughly noon. The wait isn't a malfunction - it's the machinery working carefully on the hardest open it has ever had to build.
The 4.3% float is the whole story: a tiny pool of tradable shares is what makes the price both jumpy and slow to settle. It's why the indication keeps moving - and why the cross is taking until midday to clear.
And the indication keeps cooling
While the clock runs, the number keeps drifting down. The indicated open has walked from ~$175 at the peak, to $160-162, to about $150 now - trimming the expected first-day pop from roughly 30% to around 11%. As we covered when it first started cooling, that's the froth being negotiated out of the open as more sellers join the book.
Keep it in proportion: even at $150, this is a record-sized debut trading at a double-digit premium to a $135 price that already valued SpaceX at $1.77 trillion. The story isn't weakness - it's a wildly hyped open settling toward something the market can actually clear. The question is simply where it finally lands.
What we're watching
The only number that ends the suspense is the first real print, expected around noon. Watch whether it lands near the $150 indication or drifts further toward $135 as the cross clears - and then whether it holds or fades into the afternoon. A first trade that sticks above $150 says demand is real at a calmer level; one that slides toward the list price says the hype front-ran the float.
And keep an eye on the read-through to the rest of the complex - RKLB and ASTS - plus where a freshly-public SPCX lands versus TSLA in the valuation table once it actually trades.
The 60-second version
Nearly three hours after the bell, SPCX still hasn't printed a first trade - the open has slipped toward noon ET.
The cause is the tiny 4.3% float: huge demand chasing a thin slice of tradable shares makes the opening cross slow and jumpy to settle.
The indication keeps cooling - from ~$175 to about $150, trimming the expected pop from ~30% to ~11%. Still a record-sized, double-digit-premium debut.
The delay isn't a red flag - it's careful price discovery on the hardest open ever built. The first real print (≈noon) is the number that finally counts.
Part of our SpaceX IPO Live Blog · the live thread: the pop cooling to $160s · the $175 peak indication.
Hear the SPCX open the second it finally prints.
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