Deep Dives · 
By Matt Connor · · Updated 2026-07-23
By Matt Connor · · Updated 2026-07-23SPCX: SPCX上市首月表现
回顾SPCX于2026年6月上市历程，包含开盘价、成交额排名及期权波动，带您深度解析其市场表现。
SpaceX 于 2026 年 6 月 12 日正式上市，股票代码为 SPCX。在 4 月份时，该代码仍属于另一家公司。该股发行价为 $135，开盘价为 $150（较发行价上涨 11.1%）。2026-06-16 当天，该股收盘价达到 $201.99 的峰值，盘前最低价为 $146.88，最终收于 $170.72。该价格较发行价上涨 26.5，较峰值下跌 15.5。按常规交易时段的美元成交额计算，该股在全美股市排名第四，位列 NVDA 之前。此处所有数据均为存储查询结果；如需查看确切的 SQL 语句，请展开相应面板。
每个数字背后的完整 SQL
WITH
(
SELECT toFloat64(final_issue_price)
FROM global_markets.stocks_ipos
WHERE ticker = 'SPCX'
ORDER BY listing_date DESC LIMIT 1
) AS issue_px,
(
SELECT count() FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPCX'
AND window_start >= toDateTime('2026-05-01 00:00:00') AND window_start < toDateTime('2026-06-01 00:00:00')
) AS may_bars,
(
SELECT count() FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPY'
AND window_start >= toDateTime('2026-06-19 00:00:00') AND window_start < toDateTime('2026-06-20 00:00:00')
) AS spy_jun19,
(
SELECT (toString(argMax(et_date, c)), max(c), argMax(c, et_date))
FROM (
SELECT
toDate(toTimeZone(window_start, 'America/New_York')) AS et_date,
argMax(toFloat64(close), window_start) AS c
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPCX'
AND window_start >= toDateTime('2026-06-12 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
AND (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199
GROUP BY et_date
)
) AS closes,
(
SELECT max(toFloat64(high)) FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPCX'
AND window_start >= toDateTime('2026-06-12 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
) AS hi,
(
SELECT min(toFloat64(low)) FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPCX'
AND window_start >= toDateTime('2026-06-12 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
) AS lo
SELECT
round(issue_px, 2) AS issue_price_usd,
round(toFloat64(argMin(open, window_start)), 2) AS opening_cross_price,
round((toFloat64(argMin(open, window_start)) / issue_px - 1) * 100, 1) AS open_pop_vs_issue_pct,
closes.1 AS peak_close_date,
round(closes.2, 2) AS peak_close,
round(closes.3, 2) AS final_close,
round((closes.3 / issue_px - 1) * 100, 1) AS final_vs_issue_pct,
round((1 - closes.3 / closes.2) * 100, 1) AS final_below_peak_pct,
round(hi, 2) AS month_high,
formatDateTime(toTimeZone(minIf(window_start, toFloat64(high) >= hi - 0.011), 'America/New_York'), '%Y-%m-%d %H:%i') AS month_high_first_bar_et,
countIf(toFloat64(high) >= hi - 0.011) AS bars_within_cent_of_high,
argMinIf(transactions, window_start, toFloat64(high) >= hi - 0.011) AS high_minute_trades,
round(lo, 2) AS month_low_extended,
formatDateTime(toTimeZone(argMin(window_start, toFloat64(low)), 'America/New_York'), '%Y-%m-%d %H:%i') AS month_low_bar_et,
countIf(toFloat64(low) <= lo + 0.011) AS bars_within_cent_of_low,
argMin(transactions, toFloat64(low)) AS low_minute_trades,
round(minIf(toFloat64(low), (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199), 2) AS month_low_regular_hours,
round(minIf(toFloat64(low), (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199) - lo, 2) AS rth_minus_extended_low,
round(toFloat64(sum(volume)) / 1e9, 2) AS month_shares_bn,
uniqExact(toDate(toTimeZone(window_start, 'America/New_York'))) AS sessions,
may_bars AS may_2026_bars,
spy_jun19 AS spy_bars_june19
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPCX'
AND window_start >= toDateTime('2026-06-12 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')一个代码，两家公司
SPCX 是一个重复使用的代码，因此需先核实交易凭证。在 2026 年 4 月之前，该代码作为一只交易量极低的基金运行——在其活跃的最后一个月内，每分钟仅有 13 根 K 线，价格区间在 $21.92 至 $23.64 之间。2026 年 5 月，该代码没有任何成交记录（0 根 K 线）。6 月 12 日，该代码被重新分配给 Space Exploration Technologies Corp.：
每个数字背后的完整 SQL
WITH
(
SELECT (toString(listing_date), toFloat64(final_issue_price), round(toFloat64(total_offer_size) / 1e9, 1),
primary_exchange, issuer_name, security_description, toFloat64(max_shares_offered))
FROM global_markets.stocks_ipos
WHERE ticker = 'SPCX'
ORDER BY listing_date DESC LIMIT 1
) AS ipo,
(SELECT count() FROM global_markets.stocks_balance_sheets WHERE cik = '0001181412' OR has(tickers, 'SPCX')) AS bs_rows,
(SELECT count() FROM global_markets.stocks_cash_flow_statements WHERE cik = '0001181412' OR has(tickers, 'SPCX')) AS cf_rows,
(SELECT count() FROM global_markets.stocks_income_statements WHERE cik = '0001181412' OR has(tickers, 'SPCX')) AS is_rows
SELECT
ipo.1 AS listing_date,
ipo.5 AS issuer,
round(ipo.2, 2) AS final_issue_price_usd,
ipo.3 AS offer_size_busd,
round(ipo.7 / 1e6, 1) AS max_shares_offered_m,
ipo.4 AS listing_exchange,
ipo.6 AS security,
bs_rows + cf_rows + is_rows AS fundamentals_rows每个数字背后的完整 SQL
SELECT
toStartOfMonth(window_start) AS month,
count() AS minute_bars,
round(min(toFloat64(low)), 2) AS low_usd,
round(max(toFloat64(high)), 2) AS high_usd,
round(toFloat64(sum(volume)) / 1e6, 2) AS shares_m
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPCX'
AND window_start >= toDateTime('2025-06-01 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
GROUP BY month
ORDER BY month未经窗口处理的“SPCX 历史”查询会将两家无关的公司合并在一起——因此，本处的每个时间窗口均始于 2026 年 6 月 12 日。新闻流显示了同样的断崖式变化（过去 12 个月内共有 0 篇标记为 SPCX 的文章），空头头寸也是如此：在时间跨度间增长了约 11461 倍。
文件记录先行
每个数字背后的完整 SQL
SELECT
form_type,
uniqExact(accession_number) AS filings,
toString(min(filing_date)) AS first_filed,
toString(max(filing_date)) AS last_filed
FROM global_markets.stocks_sec_edgar_index
WHERE cik = '0001181412'
AND filing_date >= toDate('2026-01-01') AND filing_date <= toDate('2026-06-30')
GROUP BY form_type
ORDER BY min(filing_date), form_type从头至尾梳理，该 IPO 的进程如下：2026-05-07 提交了机密修订草案 (DRS/A)；2026-05-20 发布了公开的 S-1 文件；随后是针对该文件的 2 次修订；在 2026-06-04 至 2026-06-11 期间，发布了 7 份 FWP 自由撰写招股说明书（路演文件）。交易所注册与认证于 2026-06-10 完成；生效通知及首批 10 份内部人员 3 表格于 2026-06-11 提交；上市当日提交了最终版 424B4 招股说明书及一份 S-8 文件。随后，报告节奏转为 8-K 文件：
每个数字背后的完整 SQL
SELECT
toString(filing_date) AS filed,
form_type,
replaceAll(substring(items_text, 1, 170), '\n', ' · ') AS opening_lines
FROM global_markets.stocks_8k_text
WHERE cik = '0001181412'
AND filing_date >= toDate('2026-06-01') AND filing_date <= toDate('2026-06-30')
ORDER BY filing_date两周内提交了 6 份文件：IPO 完成时的未注册股份销售 (Item 3.02)；与全资子公司 X67 Inc. 签署的重要协议 (1.01)；董事会及高管变动 (5.02)；Regulation FD 通知 (7.01)；以及根据 2026-06-23 提交的 8-K 文件，其中包含关于 6 月 22 日开始的优先无担保票据发行的 Item 8.01 通知。6 月 23 日的一则头条新闻将其概括为：“SpaceX's Fundraising Is Not Over With a $20 Billion New Bond Offering”。发行窗口期与该股的月度低点处于同一日期；数据仅表明这一点。
Listing day: an open with no 9:30
An IPO does not open with the market. Nasdaq began publishing SPCX quotes at 09:50:01 ET — locked, indicative bid-equals-ask pairs walking the book toward a clearing price — and for nearly two hours there were no trades at all. SpaceX's first public print was the opening cross itself: 58.21 million shares at $150, stamped 11:46:45 ET under condition codes 17, 9 and 41 (market-center opening print, cross, trade-through exempt). The stock ran to 176.52, held a 149.34 low, and went out on a 7.85 million-share closing cross at $160.95 — 19.2% over issue. Totals: 513.5 million shares, $84.1 billion, 8.57 million prints, in a regular session a little over four hours long.
每个数字背后的完整 SQL
WITH
(
SELECT toFloat64(final_issue_price)
FROM global_markets.stocks_ipos
WHERE ticker = 'SPCX'
ORDER BY listing_date DESC LIMIT 1
) AS issue_px,
(
SELECT (formatDateTime(toTimeZone(min(sip_timestamp), 'America/New_York'), '%H:%i:%S'), round(count() / 1e6, 2))
FROM global_markets.cache_stocks_quotes
WHERE ticker = 'SPCX'
AND sip_timestamp >= toDateTime64('2026-06-12 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-06-13 00:00:00', 9)
) AS q,
(
SELECT (round(toFloat64(sum(volume)) / 1e6, 1), round(sum(toFloat64(close) * toFloat64(volume)) / 1e9, 1),
round(max(toFloat64(high)), 2), round(min(toFloat64(low)), 2))
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPCX'
AND window_start >= toDateTime('2026-06-12 00:00:00') AND window_start < toDateTime('2026-06-13 00:00:00')
) AS bars
SELECT
q.1 AS first_quote_et,
q.2 AS day_quote_updates_m,
formatDateTime(toTimeZone(minIf(sip_timestamp, has(conditions, 17)), 'America/New_York'), '%H:%i:%S') AS opening_cross_et,
round(toFloat64(maxIf(size, has(conditions, 17))) / 1e6, 2) AS opening_cross_shares_m,
round(toFloat64(argMaxIf(price, size, has(conditions, 17))), 2) AS opening_cross_price,
formatDateTime(toTimeZone(minIf(sip_timestamp, has(conditions, 8)), 'America/New_York'), '%H:%i:%S') AS closing_cross_et,
round(toFloat64(maxIf(size, has(conditions, 8))) / 1e6, 2) AS closing_cross_shares_m,
round(toFloat64(argMaxIf(price, size, has(conditions, 8))), 2) AS closing_cross_price,
round((toFloat64(argMaxIf(price, size, has(conditions, 8))) / issue_px - 1) * 100, 1) AS close_vs_issue_pct,
round(count() / 1e6, 2) AS day_prints_m,
bars.1 AS day_shares_m,
bars.2 AS day_dollar_bn,
bars.3 AS day_high,
bars.4 AS day_low
FROM global_markets.stocks_trades
WHERE ticker = 'SPCX'
AND sip_timestamp >= toDateTime64('2026-06-12 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-06-13 00:00:00', 9)The quote stream tells the price-discovery half. Before the cross, the only NBBO updates are the locked indicatives (18 in the 09:30 half hour, spread zero by construction). Then quoting flooded in: 445211 updates in the 11:30 bucket alone, at a median bid-ask spread of 30 cents (18.6 bps). By the 13:00 bucket the median was 6 cents (3.5 bps) — a spread is not born tight; this one tightened within two hours.
每个数字背后的完整 SQL
SELECT
formatDateTime(toStartOfInterval(toTimeZone(sip_timestamp, 'America/New_York'), INTERVAL 30 MINUTE), '%H:%i') AS et_bucket,
count() AS quote_updates,
round(quantileDeterministicIf(0.5)(toFloat64(ask_price) - toFloat64(bid_price), toUInt64(toUnixTimestamp64Micro(sip_timestamp)), bid_price > 0 AND ask_price >= bid_price) * 100, 1) AS med_spread_cents,
round(quantileDeterministicIf(0.5)((toFloat64(ask_price) - toFloat64(bid_price)) / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2) * 10000, toUInt64(toUnixTimestamp64Micro(sip_timestamp)), bid_price > 0 AND ask_price >= bid_price), 2) AS med_spread_bps
FROM global_markets.cache_stocks_quotes
WHERE ticker = 'SPCX'
AND sip_timestamp >= toDateTime64('2026-06-12 13:30:00', 9) AND sip_timestamp < toDateTime64('2026-06-12 20:00:00', 9)
GROUP BY et_bucket
ORDER BY et_bucket交易时段回顾
每个数字背后的完整 SQL
SELECT
et_date,
close_usd,
round(if(prev_close = 0, NULL, (close_usd / prev_close - 1) * 100), 1) AS change_pct,
shares_m,
dollar_bn
FROM (
SELECT et_date, close_usd, shares_m, dollar_bn,
lagInFrame(close_usd) OVER (ORDER BY et_date ASC ROWS BETWEEN 1 PRECEDING AND CURRENT ROW) AS prev_close
FROM (
SELECT
toDate(toTimeZone(window_start, 'America/New_York')) AS et_date,
round(argMaxIf(toFloat64(close), window_start, (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199), 2) AS close_usd,
round(toFloat64(sum(volume)) / 1e6, 1) AS shares_m,
round(sum(toFloat64(close) * toFloat64(volume)) / 1e9, 2) AS dollar_bn
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPCX'
AND window_start >= toDateTime('2026-06-12 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
GROUP BY et_date
)
)
ORDER BY et_date价格走势：19.3% 在第二个交易日达到 2026-06-16 的 $201.99 收盘峰值，随后连续下跌三次。其中 2026-06-22 的跌幅最剧烈，达到 -16.4%。该交易日是 6 月 19 日假期后的首个交易日，也是新股发行开始之日。价格在 2026-06-26 跌至 $152.74 的低点；最后两个交易日分别上涨 7.4% 和 4.1（2026-06-29 的详情请见 每日回顾 与 分笔深度解析）。成交量萎缩速度快于价格回升速度：第一天成交 513.5 百万股，2026-06-30 当天成交 75.8 百万股。
月度极值经核实均真实有效，且处于不同的市场阶段。2026-06-16 10:02 ET 时录得 $225.64 的高点：波动幅度在 1 美分以内，共 2 个 K 线，首个峰值分钟成交量为 47699。2026-06-23 04:11 ET 时录得 $146.88 的低点：波动幅度在 1 美分以内，共 2 个 K 线，该分钟成交量为 14844。常规交易时段的低点为 $147.11，较该低点高出 $0.23；任何关于“6 月低点”的表述应明确指代哪一个。
交易额排名第四的股票
根据 6 月 12 日至 30 日期间所有美股上市证券的常规交易时段美元成交额进行排名（这是全市场汇总数据，而非候选名单），该新上市证券位列第四：成交额为 344.6 十亿美元，仅次于 MU ($585.4 十亿美元)、SPY 和 QQQ，领先于 NVDA ($253.1 十亿美元)、TSLA 和 AAPL。所有行数据均基于相同的 12 个交易日。
每个数字背后的完整 SQL
SELECT
ticker,
round(sum(toFloat64(volume) * toFloat64(close)) / 1e9, 1) AS regular_hours_dollar_bn,
round(100 * sum(toFloat64(volume) * toFloat64(close)) / max(sum(toFloat64(volume) * toFloat64(close))) OVER (), 1) AS pct_of_leader,
toUInt8(ticker = 'SPCX') AS is_spcx
FROM global_markets.delayed_stocks_minute_aggs
WHERE window_start >= toDateTime('2026-06-12 00:00:00') AND window_start < toDateTime('2026-07-01 00:00:00')
AND (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199
GROUP BY ticker
ORDER BY regular_hours_dollar_bn DESC
LIMIT 12What the tape was made of
每个数字背后的完整 SQL
WITH
(
SELECT (round(count() / 1e6, 2),
round(100.0 * countIf(bid_price > 0 AND ask_price > 0 AND ask_price > bid_price) / count(), 2),
countIf(bid_price > 0 AND ask_price > 0 AND ask_price = bid_price),
countIf(bid_price > 0 AND ask_price > 0 AND ask_price < bid_price),
countIf(bid_price <= 0 OR ask_price <= 0),
countIf(bid_price > 0 AND ask_price > 0 AND ask_price < bid_price AND sip_timestamp < toDateTime64('2026-06-13 00:00:00', 9)),
countIf(bid_price > 0 AND ask_price > 0 AND ask_price < bid_price AND sip_timestamp >= toDateTime64('2026-06-30 00:00:00', 9)))
FROM global_markets.cache_stocks_quotes
WHERE ticker = 'SPCX'
AND sip_timestamp >= toDateTime64('2026-06-12 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
) AS quote_census
SELECT
round(count() / 1e6, 2) AS prints_m,
quantileDeterministic(0.5)(toFloat64(size), toUInt64(abs(sequence_number))) AS median_print_shares,
round(avg(toFloat64(size)), 1) AS avg_print_shares,
round(100.0 * countIf(size < 100) / count(), 1) AS odd_lot_pct_of_prints,
round(100.0 * countIf(toFloat64(size) != round(toFloat64(size))) / count(), 2) AS fractional_pct_of_prints,
quote_census.1 AS nbbo_updates_m,
quote_census.2 AS clean_two_sided_pct,
quote_census.3 AS locked_updates,
quote_census.4 AS crossed_updates,
quote_census.5 AS one_sided_or_empty_updates,
quote_census.6 AS crossed_first_session,
quote_census.7 AS crossed_final_session
FROM global_markets.stocks_trades
WHERE ticker = 'SPCX'
AND sip_timestamp >= toDateTime64('2026-06-12 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)The texture is small-print and quote-dense: 41.01 million prints at a median of 10 shares (average 64.2 — giant crosses drag the mean), 81.9% odd lots (under 100 shares), 8.73% fractional — consistent with retail apps slicing orders, with market makers on the other side. The quote half: 11.78 million NBBO updates, 99.32% clean two-sided; 46377 momentarily crossed (bid above ask — venues out of sync), decaying from 17730 on day one to 437 on June 30; 34118 locked; 116 one-sided or empty. Spread statistics below exclude crossed and one-sided quotes, with drop counts in-panel.
价差走势
新股上市的一个重要特征是价差趋于稳定。衡量标准包括每交易日的更新中位数和时间加权平均值。第一天的起点是 11:46 的交叉点；若计入集合竞价阶段的锁定报价，价差曲线会更平缓。
每个数字背后的完整 SQL
SELECT
session,
quote_updates,
invalid_dropped,
med_spread_cents,
tw_spread_cents,
med_spread_bps,
tw_spread_bps,
round(100 * (tw_spread_bps / min(tw_spread_bps) OVER () - 1), 0) AS pct_above_tightest_session
FROM (
SELECT
session,
count() AS quote_updates,
countIf(NOT valid) AS invalid_dropped,
round(quantileDeterministicIf(0.5)(spread, toUInt64(ts_us), valid) * 100, 1) AS med_spread_cents,
round(sumIf(spread * dt, valid AND dt > 0) / sumIf(dt, valid AND dt > 0) * 100, 1) AS tw_spread_cents,
round(quantileDeterministicIf(0.5)(spread / mid * 10000, toUInt64(ts_us), valid), 2) AS med_spread_bps,
round(sumIf(spread / mid * dt, valid AND dt > 0) / sumIf(dt, valid AND dt > 0) * 10000, 2) AS tw_spread_bps
FROM (
SELECT session, spread, mid, valid, ts_us,
greatest(if(next_us = 0, end_us, least(next_us, end_us)) - ts_us, 0) AS dt
FROM (
SELECT
toDate(toTimeZone(sip_timestamp, 'America/New_York')) AS session,
toFloat64(ask_price) - toFloat64(bid_price) AS spread,
(toFloat64(ask_price) + toFloat64(bid_price)) / 2 AS mid,
(bid_price > 0 AND ask_price > 0 AND ask_price >= bid_price) AS valid,
toUnixTimestamp64Micro(sip_timestamp) AS ts_us,
toUnixTimestamp64Micro(toDateTime64(concat(toString(toDate(toTimeZone(sip_timestamp, 'America/New_York'))), ' 20:00:00'), 6, 'UTC')) AS end_us,
leadInFrame(toUnixTimestamp64Micro(sip_timestamp)) OVER (PARTITION BY toDate(toTimeZone(sip_timestamp, 'America/New_York')) ORDER BY sip_timestamp ASC, sequence_number ASC ROWS BETWEEN CURRENT ROW AND UNBOUNDED FOLLOWING) AS next_us
FROM global_markets.cache_stocks_quotes
WHERE ticker = 'SPCX'
AND sip_timestamp >= toDateTime64('2026-06-12 15:46:00', 9)
AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
AND (toHour(sip_timestamp) * 60 + toMinute(sip_timestamp)) BETWEEN 810 AND 1199
)
)
GROUP BY session
)
ORDER BY session从时间加权来看，价差从第一天的 23.5 美分 (7.64 bps) 降至 2026-06-30 的 7.9 美分 (4.7 bps)。以美元计价，价差收窄了约三分之二，但以相对比例计，降幅较小；在价格波动于 $146.88–$225.64 区间期间，美元价差与相对价差系列出现了分化。价差最窄的交易日是 2026-06-22，为 2 bps；随后在 2026-06-17 (8.96 bps，即价格峰值后的交易日) 和 2026-06-24 (7.38 bps) 再次扩大。后者发生时，成交量从 152.3 百万股降至 71.7 百万股。作为参考，以下是 6 月 30 日的三个基准数据：
每个数字背后的完整 SQL
SELECT
ticker,
count() AS quote_updates,
countIf(NOT valid) AS invalid_dropped,
round(quantileDeterministicIf(0.5)(spread, toUInt64(ts_us), valid) * 100, 1) AS med_spread_cents,
round(quantileDeterministicIf(0.5)(spread / mid * 10000, toUInt64(ts_us), valid), 2) AS med_spread_bps,
round(sumIf(spread / mid * dt, valid AND dt > 0) / sumIf(dt, valid AND dt > 0) * 10000, 2) AS tw_spread_bps
FROM (
SELECT ticker, spread, mid, valid, ts_us,
greatest(if(next_us = 0, end_us, least(next_us, end_us)) - ts_us, 0) AS dt
FROM (
SELECT
ticker,
toFloat64(ask_price) - toFloat64(bid_price) AS spread,
(toFloat64(ask_price) + toFloat64(bid_price)) / 2 AS mid,
(bid_price > 0 AND ask_price > 0 AND ask_price >= bid_price) AS valid,
toUnixTimestamp64Micro(sip_timestamp) AS ts_us,
toUnixTimestamp64Micro(toDateTime64('2026-06-30 20:00:00', 6, 'UTC')) AS end_us,
leadInFrame(toUnixTimestamp64Micro(sip_timestamp)) OVER (PARTITION BY ticker ORDER BY sip_timestamp ASC, sequence_number ASC ROWS BETWEEN CURRENT ROW AND UNBOUNDED FOLLOWING) AS next_us
FROM global_markets.cache_stocks_quotes
WHERE ticker IN ('SPCX', 'AAPL', 'NATH')
AND sip_timestamp >= toDateTime64('2026-06-30 13:30:00', 9)
AND sip_timestamp < toDateTime64('2026-06-30 20:00:00', 9)
)
)
GROUP BY ticker
ORDER BY tickerApple 的报价中位数价差为 3 美分 (1.04 bps)。SPCX 为 6 美分 (3.54 bps)。Nathan's Famous 全天共有 1036 次报价更新，价差为 30 美分 (29.66 bps)。上市 18 天后，SpaceX 的报价价差比超大市值股票宽数倍，但比流动性较差的股票窄数倍。
第三日期权数据
每个数字背后的完整 SQL
WITH
(
SELECT (round(sum(toFloat64(price) * size) * 100 / 1e9, 2), round(sum(size) / 1e6, 1))
FROM global_markets.options_trades
WHERE startsWith(ticker, 'O:AAPL') AND length(ticker) = 21
AND sip_timestamp >= toDateTime64('2026-06-01 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
) AS aapl,
(
SELECT (
concat('$', toString(intDiv(toUInt32OrZero(substring(ticker, 14, 8)), 1000)),
if(substring(ticker, 13, 1) = 'P', ' put', ' call'),
', expiry 20', substring(ticker, 7, 2), '-', substring(ticker, 9, 2), '-', substring(ticker, 11, 2)),
toUInt64(sum(size)), toUInt64(count()),
round(toFloat64(sum(toFloat64(price) * size)) / toFloat64(sum(size)), 2),
round(sum(toFloat64(price) * size) * 100 / 1e6, 1))
FROM global_markets.options_trades
WHERE startsWith(ticker, 'O:SPCX') AND length(ticker) = 21
AND sip_timestamp >= toDateTime64('2026-06-12 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
GROUP BY ticker ORDER BY sum(size) DESC LIMIT 1
) AS busiest,
(
SELECT (
concat('$', toString(intDiv(toUInt32OrZero(substring(ticker, 14, 8)), 1000)),
if(substring(ticker, 13, 1) = 'P', ' put', ' call'),
', expiry 20', substring(ticker, 7, 2), '-', substring(ticker, 9, 2), '-', substring(ticker, 11, 2)),
round(toFloat64(sum(toFloat64(price) * size)) / toFloat64(sum(size)), 2),
round(sum(toFloat64(price) * size) * 100 / 1e6, 1))
FROM global_markets.options_trades
WHERE startsWith(ticker, 'O:SPCX') AND length(ticker) = 21
AND sip_timestamp >= toDateTime64('2026-06-12 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
GROUP BY ticker ORDER BY sum(toFloat64(price) * size) DESC LIMIT 1
) AS premium_magnet,
(
SELECT max(pc)
FROM (
SELECT round(toFloat64(sumIf(size, substring(ticker, 13, 1) = 'P')) / toFloat64(sumIf(size, substring(ticker, 13, 1) = 'C')), 3) AS pc
FROM global_markets.options_trades
WHERE startsWith(ticker, 'O:SPCX') AND length(ticker) = 21
AND sip_timestamp >= toDateTime64('2026-06-12 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
GROUP BY toDate(sip_timestamp)
)
) AS max_daily_pc
SELECT
formatDateTime(toTimeZone(min(sip_timestamp), 'America/New_York'), '%Y-%m-%d %H:%i:%S') AS first_print_et,
uniqExact(toDate(sip_timestamp)) AS option_sessions,
round(count() / 1e6, 2) AS prints_m,
uniqExact(ticker) AS distinct_contracts,
round(sum(size) / 1e6, 2) AS contracts_traded_m,
round(sum(toFloat64(price) * size) * 100 / 1e9, 2) AS premium_notional_busd,
round(toFloat64(sumIf(size, substring(ticker, 13, 1) = 'P')) / toFloat64(sumIf(size, substring(ticker, 13, 1) = 'C')), 2) AS month_put_call_ratio,
max_daily_pc AS max_session_put_call_ratio,
uniqExact(substring(ticker, 7, 6)) AS expiries_traded,
concat('20', substring(max(substring(ticker, 7, 6)), 1, 2), '-', substring(max(substring(ticker, 7, 6)), 3, 2), '-', substring(max(substring(ticker, 7, 6)), 5, 2)) AS longest_expiry,
round(100 * toFloat64(sumIf(size, substring(ticker, 7, 6) = '260618')) / toFloat64(sum(size)), 1) AS jun18_expiry_share_pct,
busiest.1 AS busiest_contract,
busiest.2 AS busiest_contract_volume,
busiest.3 AS busiest_contract_prints,
busiest.4 AS busiest_contract_avg_premium,
busiest.5 AS busiest_contract_notional_musd,
premium_magnet.1 AS top_premium_contract,
premium_magnet.2 AS top_premium_avg,
premium_magnet.3 AS top_premium_notional_musd,
aapl.1 AS aapl_full_june_notional_busd,
aapl.2 AS aapl_full_june_contracts_m,
round(round(sum(toFloat64(price) * size) * 100 / 1e9, 2) - aapl.1, 2) AS spcx_minus_aapl_notional_busd
FROM global_markets.options_trades
WHERE startsWith(ticker, 'O:SPCX') AND length(ticker) = 21
AND sip_timestamp >= toDateTime64('2026-06-12 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)东部时间 2026-06-16 09:30:00 已挂牌期权——该股交易的第三个交易日。在 10 个期权交易日中：2.18 百万次成交，10.4 百万份合约，涵盖 3199 个上市品种，总权利金达 $9.15 十亿（价格乘以标准 100 股乘数）。这一数值比 AAPL 在整个 6 月份收取的权利金多出 $0.31 十亿（6 月份 27 百万份合约共计 $8.84 十亿；十个交易日对比完整月份——这种不对称性不影响结论）。共有 22 个到期日进行交易，范围从 6 月 18 日周四的周到期期权（该周五市场休市）到 2028-12-15 LEAPS；仅第一个周到期期权的成交量就占月度总量的 26.7%。交易最活跃的合约是 $175 put, expiry 2026-06-18 —— 203765 份合约，在 41648 次成交中，平均权利金为 $1.43。权利金集中点：$225 call, expiry 2026-09-18 —— 在 $40.12 价格下成交了 $121.3 百万。
每个数字背后的完整 SQL
SELECT
toDate(sip_timestamp) AS session,
count() AS prints,
toUInt64(sum(size)) AS contracts_traded,
toUInt64(sumIf(size, substring(ticker, 13, 1) = 'C')) AS call_contracts,
toUInt64(sumIf(size, substring(ticker, 13, 1) = 'P')) AS put_contracts,
round(toFloat64(sumIf(size, substring(ticker, 13, 1) = 'P')) / toFloat64(sumIf(size, substring(ticker, 13, 1) = 'C')), 2) AS put_call_ratio,
round(100 * toFloat64(sum(size)) / max(toFloat64(sum(size))) OVER (), 1) AS pct_of_busiest_session
FROM global_markets.options_trades
WHERE startsWith(ticker, 'O:SPCX') AND length(ticker) = 21
AND sip_timestamp >= toDateTime64('2026-06-12 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
GROUP BY session
ORDER BY session看涨期权成交量在每个交易日均高于看跌期权：日度看跌/看涨比率在价格高点附近的 2026-06-17 日达到峰值 0.987，在股价上涨 7.4% 的 2026-06-29 日降至最低点 0.46 —— 看跌期权成交量随价格高点而非低点达到峰值。最繁忙的交易日是 2026-06-18，即首个周到期期权的到期日：成交量为 1844490 份合约。
每个数字背后的完整 SQL
SELECT
concat('$', toString(toUInt32(bucket))) AS strike_bucket,
call_contracts,
put_contracts,
round(100.0 * put_contracts / (call_contracts + put_contracts), 1) AS put_share_pct,
round(100 * (call_contracts + put_contracts) / max(call_contracts + put_contracts) OVER (), 1) AS pct_of_biggest_bucket
FROM (
SELECT
least(floor(toFloat64(toUInt32OrZero(substring(ticker, 14, 8))) / 1000 / 25) * 25, 450) AS bucket,
toUInt64(sumIf(size, substring(ticker, 13, 1) = 'C')) AS call_contracts,
toUInt64(sumIf(size, substring(ticker, 13, 1) = 'P')) AS put_contracts
FROM global_markets.options_trades
WHERE startsWith(ticker, 'O:SPCX') AND length(ticker) = 21
AND sip_timestamp >= toDateTime64('2026-06-12 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-07-01 00:00:00', 9)
GROUP BY bucket
)
ORDER BY toUInt32OrZero(substring(strike_bucket, 2))行权价分布呈哑铃型，围绕价格路径展开。$150 档位成交量最大，其中 55% 为看跌期权——平值双向交易。在交易区间下方，看跌期权占主导（占 $125 档位总量的 92.7%）；在区间上方，看涨期权占主导（$250 档位的看跌期权占比为 1.6%），$450 档位有 42228 份看涨期权合约，约为月度高点的两倍。
每个数字背后的完整 SQL
SELECT
toDate(sip_timestamp) AS session,
count() AS nbbo_updates,
countIf(bid_price <= 0 OR ask_price < bid_price) AS dropped_bad_quotes,
round(avgIf(toFloat64(ask_price) - toFloat64(bid_price), bid_price > 0 AND ask_price >= bid_price) * 100, 1) AS avg_spread_cents,
round(quantileDeterministicIf(0.5)(toFloat64(ask_price) - toFloat64(bid_price), toUInt64(sequence_number), bid_price > 0 AND ask_price >= bid_price) * 100, 1) AS med_spread_cents,
round(100 * avgIf((toFloat64(ask_price) - toFloat64(bid_price)) / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2), bid_price > 0 AND ask_price >= bid_price), 2) AS avg_spread_pct_of_mid
FROM global_markets.cache_options_quotes
WHERE ticker = 'O:SPCX260618P00175000'
AND sip_timestamp >= toDateTime64('2026-06-16 00:00:00', 9) AND sip_timestamp < toDateTime64('2026-06-19 00:00:00', 9)
GROUP BY session
ORDER BY session从第一小时起，交易成本就很低：最活跃合约在首个交易日的平均 NBBO 价差为 10.3 美分（为中间价的 6.7；中位数为 10 美分），到到期日时中位数收窄至 5 美分（为中间价的 5.23，包含 93198 次报价更新，并剔除了 37 个错误报价）。对于已交易数日的流动性核心部位，价差仅为 5 到 10 美分——远端虚值期权的成本更高，本面板未涵盖此类数据。
新闻转向与空头
每个数字背后的完整 SQL
WITH
(
SELECT count()
FROM global_markets.stocks_news
WHERE has(tickers, 'SPCX')
AND published_utc >= toDateTime('2025-06-01 00:00:00')
AND published_utc < toDateTime('2026-06-01 00:00:00')
) AS prior_12mo,
(
SELECT (toString(d), n)
FROM (
SELECT toDate(toTimeZone(published_utc, 'America/New_York')) AS d, count() AS n
FROM global_markets.stocks_news
WHERE has(tickers, 'SPCX')
AND published_utc >= toDateTime('2026-06-01 00:00:00')
AND published_utc < toDateTime('2026-07-01 04:00:00')
GROUP BY d ORDER BY n DESC, d ASC LIMIT 1
)
) AS peak_day,
(
SELECT (JSONExtractString(any(publisher), 'name'), count())
FROM global_markets.stocks_news
WHERE has(tickers, 'SPCX')
AND published_utc >= toDateTime('2026-06-01 00:00:00')
AND published_utc < toDateTime('2026-07-01 04:00:00')
GROUP BY JSONExtractString(publisher, 'name') ORDER BY count() DESC LIMIT 1
) AS top_pub,
(
SELECT n
FROM (
SELECT toDate(toTimeZone(published_utc, 'America/New_York')) AS d, count() AS n
FROM global_markets.stocks_news
WHERE has(tickers, 'SPCX')
AND published_utc >= toDateTime('2026-06-01 00:00:00')
AND published_utc < toDateTime('2026-07-01 04:00:00')
GROUP BY d ORDER BY d ASC LIMIT 1
)
) AS first_day_n,
(
SELECT substring(title, 1, 90)
FROM global_markets.stocks_news
WHERE has(tickers, 'SPCX')
AND published_utc >= toDateTime('2026-06-22 04:00:00')
AND published_utc < toDateTime('2026-06-24 04:00:00')
AND title ILIKE '%bond%'
ORDER BY published_utc ASC LIMIT 1
) AS notes_headline
SELECT
prior_12mo AS prior_12_months_articles,
toString(min(toDate(toTimeZone(published_utc, 'America/New_York')))) AS first_tagged_day,
first_day_n AS first_day_articles,
peak_day.1 AS peak_day_date,
peak_day.2 AS peak_day_articles,
count() AS june_articles,
uniqExact(JSONExtractString(publisher, 'name')) AS publishers,
top_pub.1 AS top_publisher,
top_pub.2 AS top_publisher_articles,
round(100.0 * top_pub.2 / count(), 0) AS top_publisher_pct,
countIf(has(tickers, 'TSLA')) AS tsla_co_articles,
countIf(has(tickers, 'NVDA')) AS nvda_co_articles,
countIf(hasAny(tickers, ['GOOG', 'GOOGL', 'GOOGN', 'GOOGM'])) AS alphabet_co_articles,
countIf(has(tickers, 'RKLB')) AS rklb_co_articles,
countIf(has(tickers, 'ASTS')) AS asts_co_articles,
countIf(has(tickers, 'TSLA')) - countIf(has(tickers, 'RKLB')) AS tsla_minus_rklb,
notes_headline AS notes_offering_headline
FROM global_markets.stocks_news
WHERE has(tickers, 'SPCX')
AND published_utc >= toDateTime('2026-06-01 00:00:00')
AND published_utc < toDateTime('2026-07-01 04:00:00')新闻标签本身就是证据：上市前 12 个月内有 0 篇 SPCX 标签文章，随后在 2026-06-11（定价日）达到 14 篇，并在 2026-06-12 达到 42 篇的峰值，该月总计 347 篇。请审慎看待这些数据：仅有 4 家发行商，且其中 The Motley Fool 家贡献了 65% 的内容——这仅代表单一数据源的关注度，而非全球媒体的共识。共同标签揭示了报道侧重点：TSLA 出现在 83 篇文章中，NVDA 出现在 59 篇，Alphabet（股份类别已合并）出现在 57 篇；相比之下，Rocket Lab (21) 和 AST SpaceMobile (15) 远未达到上述水平。该数据源将其视为大盘股题材，而非航天板块题材。
每个数字背后的完整 SQL
SELECT
date,
round(toFloat64(any(short_volume)) / 1e6, 2) AS short_shares_m,
round(toFloat64(any(total_volume)) / 1e6, 2) AS offexchange_total_m,
round(100 * toFloat64(any(short_volume)) / toFloat64(any(total_volume)), 1) AS short_pct_of_offexchange
FROM global_markets.stocks_short_volume
WHERE ticker = 'SPCX' AND date >= toDate('2026-06-01') AND date <= toDate('2026-06-30')
GROUP BY date
ORDER BY date空头在上市首日便已出现，并带有明确定义。场外卖空成交量是指 FINRA 报告的（场外）成交量中标记为卖空的比例；其中大部分是做市商为了完成客户买单而进行的卖空——这属于常规交易流程，而非 空头头寸。SPCX 的标记卖空比例在上市日为 33.7%，到 2026-06-30 时升至 71%，而报告的场外成交量从 131.53 百万股降至 35.77 百万股。该数据可以展示两者的协同变动，但其背后的深层含义无法通过此数据得出。
每个数字背后的完整 SQL
SELECT
toString(maxIf(settlement_date, settlement_date >= toDate('2026-06-01'))) AS new_entity_settlement,
round(toFloat64(maxIf(short_interest, settlement_date >= toDate('2026-06-01'))) / 1e6, 2) AS shares_short_m,
round(toFloat64(maxIf(avg_daily_volume, settlement_date >= toDate('2026-06-01'))) / 1e6, 2) AS avg_daily_volume_m,
maxIf(days_to_cover, settlement_date >= toDate('2026-06-01')) AS reported_days_to_cover,
round(toFloat64(maxIf(short_interest, settlement_date >= toDate('2026-06-01'))) / toFloat64(maxIf(avg_daily_volume, settlement_date >= toDate('2026-06-01'))), 2) AS implied_days_to_cover,
countIf(settlement_date > toDate('2026-06-15')) AS settlements_published_after_june15,
toString(argMaxIf(settlement_date, settlement_date, settlement_date < toDate('2026-06-01'))) AS last_old_entity_settlement,
argMaxIf(short_interest, settlement_date, settlement_date < toDate('2026-06-01')) AS last_old_entity_short_interest,
round(toFloat64(maxIf(short_interest, settlement_date >= toDate('2026-06-01'))) / toFloat64(argMaxIf(short_interest, settlement_date, settlement_date < toDate('2026-06-01'))), 0) AS jump_multiple_vs_old_entity
FROM global_markets.stocks_short_interest
WHERE ticker = 'SPCX'实际空头头寸（即结算日的未平仓头寸）于 2026-06-30 首次公布：空头头寸为 111.3 百万股，而日均成交量为 151.63 百万股。供应商报告的平仓天数为 1 天——这是一个底线；原始比例为 0.73：空头可以在不到一个平均交易日的时间内完成平仓。前实体的最后一次结算 (2026-03-31) 显示为 9711 股——这再次体现了代码重用的断层。自本页面首版发布以来，已公布了 1 次后续结算（6 月 30 日），且数据源大幅上调了 6 月 15 日的数值——上述数字是当前的记录，并在每次重新生成时重新计算；每当数据超出其声明的范围时，本页面将保持待审状态。这正是本页面的修订机制按设计运行的结果。
数据说明
完整数据说明
- 实体边界（verified_tickers 的依据）。 根据 stocks_ipos 记录（Space Exploration Technologies Corp.，于 XNAS 以 $135 价格上市 2026-06-12）、2026 年 5 月的零成交缺口以及新闻标签切换，确定了 6 月 12 日的重新分配。6 月 12 日之前的记录均未归属于 SpaceX；frontmatter 中的 verified_tickers: ["SPCX"] 是针对这些凭证在 2026 年 6 月 12 日至 30 日期间的刻意编辑设定。
- 原始交易流水总额包含重复计算的集合竞价成交量（官方开盘/收盘重报数据）；股份和金额总计来自分钟级聚合数据，成交规模来自集合竞价打印数据（6 月 29 日深度分析 解释了该修正逻辑）。
- 首日为部分交易时段 —— 报价时间为东部时间 09:50:01，首笔成交时间为东部时间 11:46:45。首日最高/最低价为分钟线极值；月度极值在计分板中经过了分位值校验。
- EDGAR 统计 通过 accession_number 进行去重，并选择 CIK 0001181412；自动排除无关的 "Space Exploration I" Form D 申报人 (CIK 0002130081)。
- 无基本面数据可发布： 三张财务报表表中均无 0 SpaceX 的行数据。
- 6 月 29 日 FINRA 做空成交量文件在全市场范围内被截断（源文件在字母表中间结束）；SPCX 的排序位于截断点之前，因此其行数据完整 —— 6 月 29 日深度分析 包含做空成交量调查的凭证。
- 6 月 19 日为全市场休市，属于实际观察结果而非假设： 当天 SPY 出现 0 走势，因此 SPCX 的 6 月份涵盖 12 个交易日。
方法论
- 时间戳以 UTC 格式存储，并使用原始 UTC 边界进行过滤；2026 年 6 月完全采用 EDT，因此常规交易时间为 13:30–20:00 UTC（美东时间 9:30 am–4:00 pm）。
toTimeZone仅出现在 SELECT 列表中。 - 会议结束指常规交易时段的最后一根分钟 K 线；拍卖价格取自集合竞价成交价（第一天：每根 K 线为 $161.29，集合竞价为 $160.95）。
- 成交金额为分钟收盘价乘以分钟成交量之和——这是名义价值的收盘价加权代理指标。
- 期权到期日、类型和行权价通过 OCC 代码重新解析（表格中的
expiration_date列不可靠）；权利金名义价值按 100 股乘数计算。 - 每次更新的价差统计数据对每个 NBBO 更新赋予相同权重；时间加权统计数据根据报价持续时间进行加权。中位数采用确定性分位数计算。
- 数据仅通过受限的只读路径进行批量生成；公开页面从不查询实时数据。数据仓库保留完整的逐笔历史记录且无滚动过期机制，因此任何时间进行此分析都能重现结果。数据仓库状态截至 2026 年 7 月 3 日。
本列表属于更广泛的 2026 年专题报告——上半年 IPO 市场衡量报告可为您提供背景参考。每个面板均为一个存储对象——包括图表、表格和 SQL。您可以在 Strasmore 终端进一步执行任何查询。