Pre-IPOs Are Launching on Coinbase, Starting with SpaceX
TL;DR: Coinbase now offers pre-IPO perpetual futures, giving eligible traders outside the US price exposure to private companies before they go public. Our first listing is the SpaceX Pre-IPO Perpetual Future: USDC-settled, 24/7, no expiry. When SpaceX IPOs, it automatically transitions to the SpaceX Perp with no rollover needed.
Today, Coinbase is expanding what it means to be the Everything Exchange by launching pre-IPO perpetual futures, a product category that gives eligible traders price exposure to private companies before they list on public markets. These are USDC-settled perpetual futures contracts, built on the same crypto-native rails traders already use. No equity ownership, no complex brokerage onboarding. Just the perpetual futures format you already know, applied to a new and exciting underlying asset class.
Our first listing is SpaceX, marking a milestone for new assets on Coinbase. Now eligible traders can get price exposure to SpaceX before it ever trades on a public exchange.
How It Works
SpaceX Pre-IPO Perp is a USDC-settled perpetual futures contract referencing SpaceX’s implied market valuation. That means:
24/7 trading, no expiry, no rollover
Open and close positions any time, like any perp on Coinbase
USDC settlement with all PnL realized directly in USDC
Auto-transition at IPO: when SpaceX completes its IPO, positions automatically rebase using the official outstanding share count and contract's price transitions to SpaceX's public stock price. No action required. No disruption. Continuous exposure from private to public.
SpaceX Is Just the First
We're building a pipeline of pre-IPO perpetual futures on Coinbase, with more listings to come across technology, AI, energy, space, and beyond.
Pre-IPO price exposure has historically been hard to access for most traders globally. We're changing that on Coinbase, a regulated, trusted platform that millions of traders already rely on.
More announcements coming soon.
Disclaimers
Perpetual futures contracts are offered by Coinbase Bermuda Ltd., a Class F entity licensed by the Bermuda Monetary Authority, and are available to eligible users in supported jurisdictions outside the United States. Not available to US persons. Pre-IPO perpetual futures significantly differ from standard perpetual futures, carrying unique considerations and posing elevated risks. These markets are characterized by a valuation-based index price mechanism and IPO conversion risk, and are more prone to lower liquidity, higher volatility, and increased liquidation risk. It is crucial to exercise caution and refrain from trading contracts that you are unfamiliar with or do not fully understand the associated risks. Not affiliated with, sponsored, or endorsed by SpaceX. Learn more in our Help Centre.
