Coinbase Launches Pre-IPO Perpetual Futures, Starting With SpaceX

Coinbase launched pre-IPO perpetual futures on June 3, 2026. They give eligible traders outside the United States price exposure to private companies before those companies list on a stock exchange. The first contract tracks SpaceX.

How the SpaceX contract works

The contract references SpaceX's implied market valuation.

It trades 24/7 with no expiry and no rollover.

Profit and loss settle in USDC.

When SpaceX completes its IPO, positions rebase automatically using the official share count, and the contract switches to tracking SpaceX's public share price. Traders do not need to do anything.

Coinbase said it is building a pipeline of pre-IPO perpetuals in technology, AI, energy, space and other sectors.

Who can trade

The contracts are offered by Coinbase Bermuda Ltd., licensed by the Bermuda Monetary Authority, to eligible users in supported regions outside the US. They are not available to US persons and are not affiliated with or endorsed by SpaceX.

Risks

Coinbase warns that pre-IPO perpetuals differ from standard perpetual futures. Prices are based on a valuation index rather than a traded share price, and the IPO conversion carries its own risk. These markets can have lower liquidity, higher volatility and a greater chance of liquidation. Kraken launched a similar SpaceX pre-IPO contract the same week.