Weighing heavily on preparations is Facebook’s 2012 debut, which was marred by technical glitches that created uncertainty over trade executions and led to substantial losses for market participants.

Financial firms have spent weeks preparing for SpaceX’s trading debut, particularly with other major IPOs expected later this year.

Executives at Nasdaq and leading market makers, including Citadel Securities and Jane Street, have been running simulations and stress-testing systems, according to people familiar with the matter. Nasdaq also invited clients to take part in mock IPO exercises.

Bookrunner Morgan Stanley has a key role as the IPO’s stabilisation agent, responsible for helping ensure the stock opens and trades in an orderly manner.

S&P Global, which is providing the technology used to facilitate allocations to institutional investors, has also been extensively testing its systems due to the size of the deal.

Exchanges have upgraded infrastructure since the technology failure that disrupted Facebook’s IPO. Nasdaq has overhauled its trading systems, upgraded its IPO technology and put backup systems in place.

Citadel, Jane Street and other trading firms have carried out multiple internal test runs to prepare for the expected volume of client orders.

Adding to uncertainty, SpaceX has set aside an unusually large number of shares for retail investors, raising expectations of heavy trading activity once the stock begins trading.

In a typical IPO, exchanges collect buy and sell orders before trading begins while underwriters work to establish an opening price that balances supply and demand. Despite those efforts, first-day trading can remain unpredictable.

With investor interest running high, market participants are bracing for what many expect to be one of the busiest trading sessions of the year.