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It must be charged (in some sort of form, at least pre-auth) before your item gets to Preparing for Shipment.

With orders in the past I have seen my equipment not only change to that status but actually ship before the charge showed on the card. I never saw a pre-auth on my card, but didn't pay that much attention honestly.
 
All I can figure is that maybe they are processing the space gray last since I haven't seen a single one change status or be charged for yet. I guess we'll wait and see.
Mine is space gray sport with black band and it was just charged! Order confirmation at 2:02 am central.
 
This is the order statuses of mine and my friends (i'm monitoring with an application that we developed 🙂 )

As you can see there isn't any movement on UK yet..

We are expecting tomorrow..
 

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42mm SS Classic Buckle just changed to "preparing for shipment". Ordered 3 mins after store went up at 3:03 EST.

I ordered a 38mm Milanese SS a minute later on a separate order and that still says "processing items"
 
Well, my order didn't go through until about 4am Eastern

So I'm guessing I'm not in the first wave, even though I got a 4/24-5/08 delivery window. (42mm SS/Classic)
 
I ordered a 38 and a 42 SS black sport band time stamped at 3:01 EST. No charge yet sadly. Really hope to see something by tomorrow morning.

Glad I'm not the only one that hasn't gotten an update with this combination.
 
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