When can SPCX start trading tonight? Let’s get straight to the point: 22:30 US stock market opens, but that doesn’t mean SPCX starts trading at 22:30. For major IPOs, trading usually doesn’t begin immediately. Instead, it enters a price discovery phase first. Looking at historical major IPOs, the first real transaction price is more likely to appear between 23:00 and 1:00 Beijing time the next day, depending on the order situation. A lot of people might ask at this point: Why can’t it open directly? 1⃣ Because the market needs to answer one big question first: How much is SpaceX actually worth? 2⃣ At this stage, a key piece of data comes into play: NOII (Net Order Imbalance Indicator) 3⃣ You can think of it as: The real-time voting results of the entire market before the opening. 4⃣ It tells everyone: • If the market opens now, what price would transactions likely occur at • How many shares are ready to be traded • Whether there are more buyers or sellers Why is this important? Because IPOs don’t have a previous closing price. No support levels. No resistance levels. Everyone is guessing: Is SpaceX worth $135, $150, or $200? So the exchange won’t rush to open. Instead, it observes the order situation continuously, looking for a price where the most buyers and sellers can trade simultaneously. 5⃣ Essentially, this process is: Auction pricing. But here’s the difference: the auction pricing process is made public ahead of time for you to see. For example, if the final opening price is $180: Under normal circumstances, you’d only know the answer at the moment of opening. But NOII keeps telling the market in advance: "If the market opens now, it’s probably $160." A few minutes later: "Now it might be $170." A few minutes later: "Now it might be $178." Finally: "Opening price is $180." So: Auction pricing is the process. NOII is the data from that process.