Coinbase Launches Pre-IPO Perpetual Futures on SpaceX, Product Unavailable to U.S. Users
Coinbase introduced perpetual futures contracts tied to private companies, beginning with SpaceX. The contracts allow 24/7 price exposure outside the United States and will convert upon IPO completion.
ambcrypto.comCoinbase launched pre-IPO perpetual futures contracts on June 4, 2026, with SpaceX as the first listing. The contracts give eligible traders 24/7 price exposure to private companies before they go public. The SpaceX contract is settled in the USDC stablecoin.
The contracts operate continuously and carry no expiration date. All positions in the pre-IPO perpetual futures will automatically translate when the IPO is complete. Coinbase stated that more pre-IPO listings will be announced soon, including companies in technology, AI, energy, and space.
The product is not available for users from the United States. Brian Armstrong, co-founder and CEO at Coinbase, posted on X on June 4, 2026, that the product provides exposure to private companies before they go public and assists with price discovery. Liz Martin, head of derivatives at Coinbase, said the offering gives traders access to high-conviction, non-correlated exposure.
She added that Coinbase built the platform to deliver price exposure to private companies before they reach public exchanges. Binance entered the pre-IPO perps market with SpaceX last month. Coinbase says once SpaceX goes public the pre-IPO perpetual future will convert to a regular perpetual future on SpaceX.
Reuters reported that the SpaceX IPO is targeted for June 12. Forbes reported that SpaceX’s estimated IPO price of $135 per share would make Elon Musk the first-ever trillionaire. Perps account for more than 70% of all the volume on centralized global crypto exchanges, according to CoinGecko.
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