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Coinbase, the leading US-based crypto exchange, has launched a new product that lets eligible traders gain exposure to the valuation of SpaceX, Elon Musk’s privately held aerospace and satellite company, before it goes public.
The offering is structured as a USDC-settled perpetual futures contract that trades around the clock and is available to users outside the US, according to a statement from the exchange.
Coinbase CEO Brian Armstrong framed the launch as both a trading opportunity and a transparency play.
“Pre-IPO perps are great to get exposure to private companies before they go public and to help with price discovery,” he wrote on X.
The offering gives traders exposure to SpaceX’s pre-IPO price without requiring ownership of company shares or access to private equity markets. Contracts trade continuously, have no expiration date, and settle entirely in USDC, mirroring the experience of traditional crypto perpetual futures.
Coinbase plans to expand the category with additional pre-IPO listings across high-growth sectors such as AI, technology, energy, and space. The exchange believes the product can open access to private market opportunities that have historically been limited to institutional investors and specialized private market participants.
Several crypto exchanges are racing to offer pre-IPO trading products. Trade.xyz was the first to launch SpaceX perpetuals, followed by Binance and Crypto.com, while OKX is preparing a rollout that will include SpaceX alongside other high-profile private companies.
Pre-IPO perpetual futures tied to SpaceX opened in May and within days implied a valuation of roughly $2.2 trillion, based on prices surging from the $150/share reference point ($1.78T) to over $200/share.
SpaceX, which holds 18,712 BTC, has publicly set its IPO price at $135 per share, targeting a $1.75 trillion valuation on Nasdaq, with listings expected in mid-June 2026.
This creates a gap of approximately $450 billion between the derivative-implied valuation and SpaceX’s official IPO target.
Whether this spread reflects genuine bullish conviction about SpaceX’s long-term prospects, speculative trading in a new and thinly liquidated market, or a combination of both remains uncertain. Pre-IPO perpetual markets are still emerging, and early price discovery in such products can be volatile.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
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