Coinbase has launched pre-IPO perpetual futures, starting with SpaceX. The product gives eligible users outside the United States access to the price exposure of private companies before they are listed on public markets. All contracts are settled in USDC and trade continuously, with no expiry.
The SpaceX contract functions like a standard perpetual future. Traders can open and close positions at any time, with no rollover needed. Once SpaceX completes its IPO, positions automatically shift into a standard perpetual contract tied to the listed stock price, ensuring continuous exposure across both private and public stages. Coinbase says its goal is to give users faster, simpler access to private-company pricing using familiar crypto trading tools.
Pre-IPO perps are coming to Coinbase.
Starting today with SpaceX – now live for eligible users outside the US.
24/7 trading. USDC-settled. No expiry. pic.twitter.com/EHovmns8fe
— Coinbase 🛡️ (@coinbase) June 4, 2026
How the pre-ipo contract works in practice
The contract tracks an index linked to SpaceX’s estimated private valuation. Gains and losses are settled in USDC, and trading is available 24/7, similar to other crypto derivatives on the platform.
Coinbase notes that eligibility checks apply, and the product is not available to US users. It also highlights key risks, including lower liquidity, higher volatility, and pricing uncertainty before IPO events.
Even with these risks, interest in private company exposure has been increasing, especially around major tech firms in AI, space, and infrastructure sectors.
Other platforms have also moved toward private market exposure
Several trading platforms have already experimented with bringing private company exposure closer to public markets. FTX previously introduced pre-IPO-style contracts tied to companies like SpaceX and Stripe, though many of those products were later withdrawn under regulatory pressure.
More recently, Binance has offered tokenised or synthetic exposure to equities in limited jurisdictions. At the same time, platforms like Republic and EquityZen have focused on fractional private share access for retail and accredited investors. Kraken and other crypto exchanges have also explored derivatives-based equity products in select markets.
Coinbase’s move adds to this direction by combining perpetual futures with private company pricing, creating a continuous trading structure for assets that are normally restricted and illiquid.
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