Coinbase launches SpaceX pre-IPO perpetual futures outside U.S.

Coinbase has launched a USDC-settled perpetual futures contract that tracks SpaceX’s estimated pre-listing valuation for eligible users in jurisdictions outside the United States. The contract offers continuous 24/7 trading, has no expiry, and settles profits and losses in USD Coin (USDC).

In a company blog post, Coinbase said positions can be opened and closed at any time and that existing positions will automatically convert into a post-IPO perpetual futures contract that references the public listing if SpaceX completes an initial public offering.

The product is not available to U.S. persons at launch. Coinbase said it will roll out the contract to eligible users in supported jurisdictions outside the United States, reflecting regulatory limits on offering exposure to private-market securities in U.S. markets.

Coinbase wrote the offering is intended to broaden access to private company exposure, which has historically been concentrated among venture capital firms and institutional investors. SpaceX was chosen as the initial listing because of strong global demand for exposure to the aerospace and satellite company.

Other crypto firms have introduced similar products. Payward, the parent company of Kraken, announced tokenized access to pre-IPO companies. Binance has listed derivative products linked to high-profile private firms, and Bitget launched a platform for pre-IPO investment products that began with a SpaceX-linked offering.

Private-market and institutional estimates of SpaceX’s valuation vary. Some recent estimates and secondary-market pricing have suggested values as high as $1.75 trillion, depending on valuation method and timing.

Research from Bernstein estimated the tokenized real-world asset market at about $51 billion and reported a 42% expansion year-to-date. Another industry report found tokenized stocks remain a small share of the overall real-world asset market, with most trading concentrated in a few large technology names on offshore platforms.

Regulators and market participants have raised questions about valuation transparency and the legal status of synthetic products that reference private securities, especially where U.S. investor protections apply.

Coinbase did not respond to a request for comment on the launch. The company described the product as operating like its existing perpetual futures offerings on the platform, using a synthetic reference price tied to SpaceX’s pre-IPO estimate.