Wall Street banks will take $500M in fees for work on the $SPCX IPO
Goldman Sachs and Morgan Stanley will make $100 million apiece. Bank of America, Citigroup and JPMorgan will each make $75M
These five banks represent 85% of the total fee pool.
Markets opened, many investors were left wondering: Why isn’t it trading yet?
The answer lies in the standard mechanics of major IPO openings. Nasdaq runs a price-discovery auction to match buy and sell orders and establish a fair opening price. Shares were quoted around 9:50 AM ET with an expected trading start at 10:00 AM ET, but this is not a hard deadline.
Early indications pointed to a strong debut, with the stock gauged to open around $175 per share a roughly 30% premium to the $135 IPO price.
Nasdaq continuously updates this indicative price as orders flow in, adjusting until supply and demand balance. Only then does the opening auction complete and the first trades print.
This delay is far from unusual for blockbuster IPOs. Google’s 2004 debut and Meta’s 2012 listing both experienced multi-hour waits before shares began trading.
Analysts expect SpaceX to open within the hour on this landmark day.
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