The Bruce Overnight Edge: Just the Space Hits

The SpaceX (SPCX) IPO was a massive hit in its first week of trading. Here at Bruce Markets, we are very proud that our preparation and how our operational processes performed flawlessly for SPCX and related securities. We are even more excited to share some data from the week. We ran a study1 to understand how retail orders in SPCX and related stocks performed on Bruce ATS since the IPO.

The SpaceX Mothership

The most interesting part of the study relates to the Retail experience when sending non-marketable orders. It is easy to get a hit2 when you are willing to cross the market. The real challenge is generating a hit when you are not willing to take the market price. We received over 100k non-marketable orders in SPCX from Retail on Bruce ATS and the numbers are impressive.

Non-marketable Retail orders in SPCX achieved an order hit rate exceeding one-third, with a median time of just 9.1 seconds until the first execution.

Table 1: SPCX

The SpaceX Orbit

As SpaceX launched, it brought numerous other securities with it. Most notably, a newly minted group of leveraged SPCX ETFs launched on Monday and traded heavily in the regular and overnight sessions. The execution quality across the leveraged family was arguably even more impressive than the mothership, boasting an aggregate hit rate of 47.6%! All leveraged ETFs in the study had a Median Time of less than 1 minute to the first hit! In other words, when a Retail client submitted an executable, but non-marketable order in these products, they received an execution almost 50% of the time and in less than 60 seconds on average!

Table 2: Leveraged SPCX ETFs

The Takeaway

The results are unambiguous: Bruce ATS delivered an exceptional retail experience, converting significant interest in brand new securities into high hit rates and single-digit median times until execution. If you would like to discuss these or related metrics further, please contact operations@brucemarkets.com.

By The Numbers

Weekly Top 25 Symbols⁶

Overnight News

• There is no overnight trading session tonight (June 18) in observance of Juneteenth. Regular overnight trading will resume at 8:00 pm ET on Sunday June 21st.
• Our CEO, Jason Wallach, is excited to be in the Boston area next week to connect with clients and prospects.

The Bruce Markets Team

¹All data for this study is from internal Bruce ATS sources covering trade dates 06/15/2026 through 06/17/2026. The study utilized an internal Bruce ATS classification to separate all activities into one of three segments (Retail, Proprietary/Market Maker, and Agency Broker) and focused exclusively on Retail orders.

²“Hit” is an order that executes at least 1 share

³“Executable Order” is an order inside the 20% price reference bands

⁴“Hit Rate” is defined as the number of Hit orders divided by the number of Executable Orders

⁵“Median Time to Hit” represents the first execution time of the 50th percentile hit order. Queued orders that executed against other queued orders at exactly 8:00pm were excluded.

⁶Top 25 data is from internal Bruce ATS sources through trade date 06/18/2026.