Cryptocurrency platform Coinbase has rolled out a novel pre-IPO market by introducing perpetual futures contracts based on SpaceX’s private valuation, enabling eligible international users to trade shares in private companies before they go public. This product offers exposure to SpaceX’s estimated pre-IPO price through a USDC-settled derivative that operates 24/7 with no expiration or rollover restrictions.
The contracts mimic traditional perpetual futures on Coinbase, allowing traders to open and close positions freely with profits and losses settled in the stablecoin USDC. When SpaceX eventually conducts an IPO, all outstanding contracts will seamlessly convert into a new perpetual futures instrument reflecting the company’s public stock price. However, the offering is initially unavailable to US-based investors due to securities regulations restricting private market participation.
This move responds to growing demand from private and retail investors seeking entry into the historically exclusive realm of pre-IPO investment, typically accessible only to venture capital and institutional backers. SpaceX was chosen as the inaugural listing because of its status as one of the most valuable private firms and its widespread interest globally.
Coinbase’s launch joins a wave of crypto exchanges competing to tokenize or synthetically replicate private market assets. For instance, Kraken’s parent company Payward recently unveiled a similar product granting tokenized access to pre-IPO shares, while Binance and Bitget have also debuted derivative and investment platforms featuring SpaceX-linked offerings.
Industry research highlights an accelerating trend toward tokenized real-world assets (RWAs), with a market estimated at $51 billion and growing rapidly as investors pursue fractional stakes in traditionally illiquid holdings. However, tokenized stocks still represent a minor segment within this space, concentrated mainly in big tech names traded on offshore venues.
SpaceX remains under intense scrutiny due to its soaring private valuations, with some estimates approaching $1.75 trillion based on secondary market activity and private rounds, underscoring the appeal of gaining early exposure through innovative derivatives like Coinbase’s pre-IPO futures.