SpaceX IPO Spurs Wall Street Stress Tests Across Market Systems

Wall Street has spent months debating how much SpaceX is worth. Behind the scenes, a different challenge has occupied the institutions responsible for bringing it public: preparing the plumbing systems needed to support what could become the largest IPO in history.

S&P Global Inc.’s Equity Bookbuild group, which helps underwriters capture and allocate investor demand during initial public offerings, has spent weeks expanding the efficiency and capacity of its infrastructure ahead of SpaceX’s Friday trading debut. At Depository Trust & Clearing Corp., staff plan to spend the weekend monitoring systems and communicating with industry peers.

A blockbuster IPO ...