Coinbase launches pre-IPO markets, starting with Elon Musk’s SpaceX
Coinbase has launched pre-IPO markets for users outside the U.S., starting with SpaceX. The product is a USDC-settled perpetual futures contract that tracks SpaceX’s estimated pre-listing price, enabling 24/7 trading with no expiry or rollover. Gains and losses are settled in USDC, and positions can be opened or closed at any time. If SpaceX goes public, the contract is designed to roll into a post-IPO perpetual future tied to the public listing. The offering is unavailable to U.S. persons at launch and is limited to eligible users in supported foreign jurisdictions. Coinbase says the goal is to widen access to private-market exposure, which has mostly been limited to venture capital and institutions. The launch comes amid growing competition among crypto exchanges to offer synthetic or tokenized access to private firms. Kraken, Binance, and Bitget have also introduced similar products, as interest in tokenized real-world assets continues to rise.
