Binance offers SpaceX-linked pre-IPO futures in USDT

Binance has launched a pre-IPO perpetual futures contract tied to SpaceX’s expected public market valuation, settling the first product in Tether’s USDT. The contract is listed as SPCXUSDT Pre-IPO Perpetual. The exchange said additional pre-IPO perpetuals will be introduced over time.

Binance described the contracts as instruments that use publicly available IPO pricing indicators, including announced valuation ranges and final offering prices, to estimate a company’s likely listing value before shares begin trading. Once a company starts trading, the contracts are designed to shift to live market pricing and operate more like standard perpetual futures when a stable reference price exists.

The products are derivative contracts and do not convey ownership of the underlying shares. They are intended to let market participants speculate on expected valuations before and after a public debut. Contracts linked to IPOs that are delayed or canceled may be delisted and settled under a process specified by the exchange.

SpaceX has confidentially filed for an IPO with the U.S. Securities and Exchange Commission and confirmed plans to sell shares. Filings and market reports indicate SpaceX could seek a valuation above $1.75 trillion and raise as much as $75 billion. Some market estimates have suggested the company could move forward as early as June.

A recent regulatory filing shows SpaceX holds 18,712 Bitcoin, bought at an average price of $35,320 per coin. If the company were publicly traded today, that bitcoin position would place it among the larger corporate holders of the cryptocurrency.

Crypto platforms have increasingly launched products that offer economic exposure to private companies ahead of potential listings, using structures such as tokenized funds and pre-IPO offerings. Binance’s pre-IPO perpetuals apply the exchange’s perpetual futures format to valuation expectations for companies before public trading begins.

Traders should note these instruments are speculative, denominated in USDT, and separate from any claim on company equity. The exchange will derive contract values from public information until market prices are available after a listing.