Futures are creeping higher in the after-hours but the real story seems to be everyone positioning around SpaceX hitting the tape tomorrow.

The IPO came in at $135 and the order book from retail looks heavy already. S&P futures are only modestly green, yet the lift is coming from that combo of Iran de-escalation relief plus the ongoing tech bounce rather than any broad conviction.

What stands out is how much of the move feels pre-positioned. Traders have been talking about this listing for weeks and now the valuation target is a record. That kind of retail interest usually shows up in the options chain first, so I’m curious how much of the premium is already baked in before the open.

Two things I’m watching tomorrow:

• Whether the debut volume actually pulls broader tech along or just stays isolated to the new listing.
• How much of today’s modest futures bid gets unwound once the SpaceX tape starts printing.

Anyone else seeing unusual flow in the after-hours names that usually move with big IPOs?