SpaceX’s Nasdaq Debut Proceeds Smoothly, Setting Template for Future Mega IPOs

SpaceX’s milestone listing on Nasdaq proceeded smoothly, easing concerns on Wall Street and offering a model for handling other large initial public offerings expected later this year, including OpenAI and Anthropic. According to Jin10, the IPO was record-setting in size, nearly three times larger than the biggest IPO previously completed on U.S. exchanges. The report said trading and order-handling systems at underwriters, the exchange, and market makers withstood the strain of processing millions of customer orders. The smooth debut contrasted with Facebook’s first trading day in 2012, when technical problems disrupted investors and brokers for hours. Morgan Stanley, described as the “stabilizing agent,” played a key role in managing the opening process. Citadel Securities said the SpaceX IPO generated the highest level of retail order activity ever recorded for an IPO auction. Nasdaq CEO Friedman said market participants worked well together, preparations were sufficient, and the trading debut was “flawless.”