Coinbase Launches Pre-IPO Market With SpaceX Perpetual as First Product
SpaceX, founded by Elon Musk, could command a pre-IPO valuation of $1.8 trillion, but retail investors have historically had little direct access to private-equity transactions. Coinbase Bermuda Ltd. is packaging the company’s valuation into a perpetual contract, allowing eligible non-U.S. users to use derivatives to bet on price movements. The contract confers no shares, voting rights or company distributions, reflecting crypto exchanges’ growing push into price discovery for private markets.
Coinbase announced the launch of its Pre-IPO market on June 3, 2026. Its first product, SPCX-PERP, uses an index calculated by dividing SpaceX’s total equity valuation by $1 billion. It trades around the clock with leverage of up to five times, and gains and losses are settled in USDC cash. After SpaceX completes an IPO, the contract will be reset based on the official number of shares outstanding and automatically converted into a standard equity perpetual contract, with no need for holders to roll over their positions.
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The history behind this eventBinance Launches SpaceX Pre-IPO Perpetual Futures
SpaceX, the privately held aerospace company founded by Elon Musk, is the subject of market bets that its valuation could reach $1.75 trillion–$2 trillion ahead of a Nasdaq IPO. Binance has packaged those expectations into a derivative that allows retail traders to take long or short positions, though the contract does not confer equity ownership. The product brings private-market price discovery into crypto trading and could also divert funds from Bitcoin.
Binance Futures listed the USDT-margined and settled SPCXUSDT Pre-IPO perpetual contract on May 21, 2026. It references publicly available valuation data before the listing and will track the share price afterward. By June 12, a separate SPCXx subscription campaign launched through Binance Wallet had attracted commitments of about $557 million from 27,689 addresses. The indicative price was 135 USDC per token, but submitting an application did not guarantee an allocation.
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