Coinbase is launching perpetual futures tied to the valuations of private companies ahead of initial public offerings (IPOs), starting with a contract linked to Elon Musk’s SpaceX. The product lets traders speculate on whether a private company’s implied value will rise or fall before it goes public, without owning shares. The first listing, SpaceX, is settled in USDC, is tradable 24/7, and positions automatically adjust when the IPO is completed, translating based on the public debut outcome.
Coinbase says the offering is designed to give exposure to private companies before they list—“outside the U.S. only”—and to support price discovery. The exchange also indicates additional pre-IPO listings will follow, with mentions of companies in technology, AI, energy, and space.
Multiple outlets frame the launch as part of a broader push by crypto venues toward pre-IPO and SpaceX-linked derivatives as interest in SpaceX’s anticipated public debut grows. Reporting also notes SpaceX’s IPO pricing expectations and timing have been discussed elsewhere, including forecasts and media coverage of a mid-June target. CNBC, CoinTelegraph, and The Block describe the mechanism as similar to other “perps” products, with the ability to take long or short exposure to valuation changes.
