According to data from CoinGecko, perpetual futures currently account for over 70% of total trading volume on centralized cryptocurrency exchanges worldwide. As the countdown begins for SpaceX’s largest-ever IPO, global cryptocurrency trading platform Coinbase (COIN) has announced the launch of pre-IPO perpetual futures tied to SpaceX, allowing eligible investors outside the United States to trade before the company officially goes public.
Coinbase stated that this is the first in a planned series of pre-IPO perpetual futures products for private companies, which will later expand to include popular unicorns in sectors such as technology, artificial intelligence, energy, and aerospace. However, Coinbase also cautioned investors that, since the underlying company is not yet publicly listed, these products may face issues such as lower liquidity, greater price volatility, and higher risk of forced liquidation, making them significantly riskier than traditional perpetual contracts.
According to the introduction, SpaceX pre-IPO perpetual futures are denominated in the stablecoin USDC, traded as derivatives, and do not involve any equity ownership, voting rights, or actual shareholding. Unlike traditional pre-IPO equity investments, investors do not need to open a securities account to participate. The product has no expiry date, supports 24/7 trading, and allows investors to open or close positions at any time. Reports indicate the contract supports up to 5x leverage. When SpaceX officially completes its IPO, investors’ pre-IPO perpetual futures positions will be automatically converted into standard SpaceX perpetual futures without any additional action required from users. The product will be offered through Coinbase Bermuda, which is licensed by the Bermuda Monetary Authority, and is therefore not available to U.S. investors.
Liz Martin, Head of Coinbase Derivatives, stated that in the current market environment, investor demand for high-growth, low-correlation investment opportunities is increasing, and the aim is to leverage the existing infrastructure of a crypto asset trading platform to provide investors with price exposure to the world’s most closely watched private companies before they enter the public markets. In fact, Coinbase is not the first platform to launch such a product; Binance listed SpaceX-related pre-IPO perpetual futures last month as well. As more and more highly valued tech unicorns remain in private markets for extended periods, new financial products centered on price discovery for private companies are drawing growing attention. Earlier this week, SpaceX formally disclosed its IPO terms, planning to issue approximately 556 million shares of Class A common stock at $135 per share, with an expected fundraising scale of nearly $75 billion, corresponding to a valuation of approximately $1.75 trillion. The company plans to begin trading on Nasdaq on June 12 under the ticker symbol “SPCX.”
