# The Auction Stall: Why Social Media Thought SpaceX Was Still "Pre-IPO"
**NEW YORK** — A wave of early morning confusion hit social media as rumors spread that Elon Musk’s mega-offering had been abruptly delayed or canceled. The reality was far less conspiratorial: SpaceX had officially gone public, but an unprecedented flood of buy orders triggered an extended technical delay in active trading—a process known as the Nasdaq opening auction.
### Inside the Delays: The Price Discovery Battle
SpaceX finalized its monumental IPO pricing at **$135 per share**, raising $75 billion and valuing the aerospace titan at $1.77 trillion. However, when the opening bell rang, the ticker **SPCX** didn't immediately start moving. Because individual and institutional orders flooded the system to the tune of over $350 billion, Nasdaq’s computers had to work overtime to match buyers and sellers.
Nasdaq officials deliberately extended the auction period to ensure an orderly market debut. During this holding pattern, the stock was technically classified as "not yet trading"—which internet commentators quickly misconstrued as the IPO being halted entirely.
### Liftoff Achieved
Once the opening auction successfully processed the historic backlog of demand, the stock went live, putting the "Pre-IPO" rumors to bed. Early price discovery showed indicators pointing as high as **$175 per share**, a massive 30% premium over the initial offering price.
While social media spent the morning speculating about regulatory hurdles, Wall Street was simply managing the mechanics of the largest public debut in history. SpaceX is officially a public company.
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