SpaceX, the largest IPO in history, just made its first print at $150, an 11% premium on the IPO price, briefly pushing the company's valuation to roughly $1.96 trillion We pulled live order books across the majority of venues offering Pre-IPO $SPCX exposure: - onchain perps - CEXs - locked pre-IPO notes What you'll see across each image: - open interest and 24h volume - book depth within 1% of mid - spread & the real cost of executing $100k - PLUS how each product actually settles once the stock is live A few things stand out: - @tradexyz holds the largest SPCX position book anywhere ($315M OI, ahead of Binance's $300M) - Binance still tops the volume at $1.65B traded in 24h. - execution quality is diverging, with small players unable to offer great execution quality on a size of $100k On price: - the IPO was set at $135 last night - Nasdaq's initial indication was $175 - the index price pre-first print across 14 perp venues was at roughly $157, a full 10% below the indication - the perp venues called the lower price, with the first print coming in at $150 and quickly rising to $165 Settlement is where the products differ most, which is why the locked notes traded at a discount to the perps