Coinbase launches SpaceX pre-IPO futures

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Coinbase launches SpaceX pre-IPO futures

Highlights

Coinbase launched pre-IPO perpetual futures starting with SpaceX.
The contract offers up to 5x leverage and settles in USDC.
The product does not provide SpaceX shares, voting rights or ownership claims.
SpaceX is expected to go public at a valuation near $1.8 trillion.

Coinbase adds SpaceX exposure

Coinbase launched the SpaceX pre-IPO perpetual futures contract under the SPCX-PERP market, allowing traders to speculate on SpaceX’s valuation before any public-market debut. The contract is settled in USDC, trades around the clock, has no expiry or rollover, and is designed to convert into a standard perpetual futures contract if SpaceX completes an IPO.

The product offers up to 5x leverage, according to details provided to The Block. That is lower than Coinbase’s standard stock perpetual futures, which offer up to 10x leverage, and ETF perpetual futures, which offer up to 20x leverage.

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Coinbase said SpaceX is only the first listing in a planned pipeline of pre-IPO perpetual futures across technology, artificial intelligence, energy, and space. Access is limited to eligible Coinbase Advanced users in supported jurisdictions and is not available in the U.S., Canada, the United Kingdom, Singapore, India, Australia, and other restricted markets.

A crowded race before SpaceX IPO

The launch comes as SpaceX prepares for one of the most closely watched IPOs in years. The company is reportedly targeting a $135 per-share IPO price, a raise of about $75 billion, and a valuation near $1.75 trillion to $1.8 trillion.

Crypto platforms have moved quickly to create synthetic exposure to the company. Binance, OKX, Bitget, Crypto.com, Ventuals, and Hyperliquid-linked TradeXYZ have all launched or supported similar pre-IPO products in recent weeks.

The appeal is straightforward: private companies such as SpaceX are normally accessible only to institutional investors, venture funds, and accredited buyers. Pre-IPO perpetual futures give retail traders exposure to price expectations, but they do not represent equity ownership.

Risk becomes the central question

The market’s growth has already exposed risks. A SpaceX-linked contract on Hyperliquid recently fell about 45% in 30 minutes, liquidating 405 users across 1,393 positions and wiping out about $1.51 million in notional value.

That episode shows why pre-IPO perpetual futures are different from standard crypto or equity derivatives. Pricing depends on valuation estimates, private-market references and exchange-specific index mechanisms. For Coinbase, the SpaceX contract is a test of whether a regulated, centralized exchange can bring more structure to a market that is growing quickly but remains highly speculative.

Earlier, we reported that SpaceX IPO could push Elon Musk net worth past $1 trillion.

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