{"slug":"spacex-spcx-first-month","qid":"spread_anchors","label":"June 30 anchors: a mega-cap, SPCX, and a thin small-cap, same session, same math","post_title":"SPCX: SpaceX's First Month on the Public Market","post_url":"/blog/spacex-spcx-first-month#q-spread_anchors","columns":["ticker","quote_updates","invalid_dropped","med_spread_cents","med_spread_bps","tw_spread_bps"],"rows":[{"ticker":"AAPL","quote_updates":935993,"invalid_dropped":484,"med_spread_cents":3,"med_spread_bps":1.04,"tw_spread_bps":1.06},{"ticker":"NATH","quote_updates":1036,"invalid_dropped":0,"med_spread_cents":30,"med_spread_bps":29.66,"tw_spread_bps":31.62},{"ticker":"SPCX","quote_updates":474902,"invalid_dropped":351,"med_spread_cents":6,"med_spread_bps":3.54,"tw_spread_bps":4.7}],"shape":"table","sql":"SELECT\n    ticker,\n    count() AS quote_updates,\n    countIf(NOT valid) AS invalid_dropped,\n    round(quantileDeterministicIf(0.5)(spread, toUInt64(ts_us), valid) * 100, 1) AS med_spread_cents,\n    round(quantileDeterministicIf(0.5)(spread / mid * 10000, toUInt64(ts_us), valid), 2) AS med_spread_bps,\n    round(sumIf(spread / mid * dt, valid AND dt > 0) / sumIf(dt, valid AND dt > 0) * 10000, 2) AS tw_spread_bps\nFROM (\n    SELECT ticker, spread, mid, valid, ts_us,\n           greatest(if(next_us = 0, end_us, least(next_us, end_us)) - ts_us, 0) AS dt\n    FROM (\n        SELECT\n            ticker,\n            toFloat64(ask_price) - toFloat64(bid_price) AS spread,\n            (toFloat64(ask_price) + toFloat64(bid_price)) / 2 AS mid,\n            (bid_price > 0 AND ask_price > 0 AND ask_price >= bid_price) AS valid,\n            toUnixTimestamp64Micro(sip_timestamp) AS ts_us,\n            toUnixTimestamp64Micro(toDateTime64('2026-06-30 20:00:00', 6, 'UTC')) AS end_us,\n            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\n        FROM global_markets.cache_stocks_quotes\n        WHERE ticker IN ('SPCX', 'AAPL', 'NATH')\n          AND sip_timestamp >= toDateTime64('2026-06-30 13:30:00', 9)\n          AND sip_timestamp < toDateTime64('2026-06-30 20:00:00', 9)\n    )\n)\nGROUP BY ticker\nORDER BY ticker","computed_at":"2026-07-27T00:08:46.472530+00:00","elapsed":0.003756042}