The shadow of Facebook’s 2012 launch looms large over the upcoming SpaceX debut. That earlier failure resulted in hours of execution uncertainty and cost market-makers hundreds of millions of dollars, leading to a $42 million settlement and a $10 million SEC fine for Nasdaq. To avoid a similar collapse, Nasdaq has overhauled its trading systems, upgraded its Bookviewer technology, and prepared a backup platform for Friday’s launch.

Leading market makers including Citadel Securities and Jane Street have conducted multiple internal simulations to handle the expected surge in client orders. Simultaneously, S&P Global has increased its infrastructure capacity by 200% to support institutional allocations. Beyond technical readiness, the market faces the challenge of an unusually high share allocation for retail investors, which analysts warn could trigger significant aftermarket volatility. Morgan Stanley, acting as the stabilization agent, faces the critical task of balancing buy and sell orders to ensure an orderly opening price.