Kraken Lists a SpaceX Pre-IPO Perpetual With Up to 5x Leverage

Kraken listed a pre-IPO perpetual contract on SpaceX (ticker SPCX) on June 7, 2026. Traders can take long or short positions on SpaceX's value before the company's shares are publicly listed.

Contract basics

Symbol: PF_SPCXXUSD, a cash-settled perpetual with no expiry

Leverage: up to 5x

Margin: multi-collateral (flex) margin, so many assets can back a position

Not available in the US, the EEA, Canada, Australia or New Zealand

How Kraken prices it

SpaceX has no public share price, so there is no outside index to track. Kraken built a "PreMarket Synthetic" index that takes its reference price from the contract's own market. The index is exponentially smoothed so short spikes have little effect, and the mark price is held within 0.25% of the index. Kraken says this is meant to stop brief price swings in a thin market from triggering liquidations. Because the mark stays close to the index, funding payments are small during the pre-IPO phase.

If SpaceX completes an IPO, Kraken plans to switch the contract to standard tokenized-equity pricing, and the contract specifications are expected to change.

Risks

Early markets can be thin, with wide spreads. The price reflects what traders on Kraken think SpaceX is worth, not a valuation set by the company or its investors. Coinbase launched a similar SpaceX pre-IPO perpetual for non-US users the same week.