Coinbase Launches SpaceX Pre-IPO Perpetual Futures for Non-US Traders
Coinbase introduced pre-IPO perpetual futures contracts for SpaceX, allowing non-US traders to speculate on the private company’s valuation ahead of its anticipated June 12 IPO. The USDC-settled derivatives offer up to 5x leverage, trade 24/7, and automatically convert to standard futures post-IPO. SpaceX’s IPO targets a ~$1.75 trillion valuation, potentially the largest in history. Coinbase plans to expand to AI, energy, and space sectors. Competitors Binance, OKX, and Crypto.com have launched similar products.
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Coinbase launches SpaceX pre-IPO perpetual futures for international users
Coinbase has launched pre-IPO perpetual futures contracts tied to SpaceX, allowing eligible non-U.S. traders to gain price exposure to the private company ahead of its planned IPO. The derivative contracts are denominated in USDC, have no expiration date, offer up to 5x leverage, and are available 24/7 through Coinbase Bermuda Ltd. When SpaceX completes its IPO, positions will automatically convert to standard SpaceX perpetual futures. SpaceX filed for its IPO earlier this week, planning to sell 555,555,555 shares at $135 each, targeting a valuation of approximately $1.75 trillion, which would make it the largest IPO in history. Coinbase plans to expand pre-IPO perpetual futures to other sectors including technology, AI, energy, and space. Binance also launched a similar SpaceX product last month. Coinbase warned that pre-IPO perpetual futures carry elevated risks including lower liquidity, higher volatility, and greater liquidation risk.
Yahoo FinanceCoinbase launches SpaceX pre-IPO perpetual futures for international users
Coinbase has launched pre-IPO perpetual futures contracts tied to SpaceX, allowing eligible non-U.S. traders to gain price exposure to the private company ahead of its planned IPO. The derivative contracts are denominated in USDC, have no expiration date, offer up to 5x leverage, and are available 24/7 through Coinbase Bermuda Ltd. When SpaceX completes its IPO, positions will automatically convert to standard SpaceX perpetual futures. SpaceX filed for its IPO earlier this week, planning to sell 555,555,555 shares at $135 each, aiming to raise $75 billion at a ~$1.75 trillion valuation—potentially the largest IPO in history. Trading on Nasdaq begins June 12 under ticker SPCX. Coinbase plans to expand pre-IPO perpetual futures to other sectors including technology, AI, energy, and space. Binance also launched a similar SpaceX product last month. Coinbase warns of elevated risks including lower liquidity, higher volatility, and greater liquidation risk.
Yahoo FinanceCoinbase Launches SpaceX Pre-IPO Perpetual Futures Ahead of June 12 IPO
Coinbase has launched a SpaceX pre-IPO perpetual futures contract, becoming the latest major crypto exchange to offer synthetic exposure to SpaceX ahead of its anticipated June 12 Nasdaq debut at a $1.75 trillion valuation. The product, offered through Coinbase Bermuda Ltd., is USDC-settled and automatically converts to a regular SpaceX perpetual contract once the IPO is completed. It is not available to U.S. persons. Coinbase joins a trend of exchanges offering such products, following Crypto.com (May 12), Hyperliquid via Trade.xyz (May 18, generating $33 million in first-day volume), and Binance (May 21, with over $280 million in cumulative volume in its first five days). The pricing mechanism on Coinbase uses a rolling one-hour average of its own perp price combined with an external valuation feed from secondary-market data and modeled private-company valuations, with a fallback to its own price if the external feed diverges by more than 5%. The valuation vendor is not named.
Yahoo FinanceCoinbase Launches SpaceX Pre-IPO Perpetual Ahead of June 12 IPO
Coinbase has launched a SpaceX pre-IPO perpetual futures product, becoming the latest crypto exchange to offer synthetic exposure to SpaceX ahead of its anticipated June 12 Nasdaq debut at a $1.75 trillion valuation. The product is USDC-settled and will automatically convert to a regular SpaceX perpetual once the IPO completes. It is offered through Coinbase Bermuda Ltd. and is not available to U.S. persons. Coinbase joins a trend of exchanges offering similar products, including Crypto.com (May 12), Hyperliquid via Trade.xyz (May 18, with $33 million first-day volume), and Binance (May 21, with over $280 million cumulative volume in five days). The pricing mechanism on Coinbase uses a rolling one-hour average of its own perp price combined with an external valuation feed from secondary-market data and modeled private-company valuations, averaged together with a fallback if divergence exceeds 5%. The valuation vendor is not named.
Yahoo FinanceCoinbase Launches SpaceX Pre-IPO Perpetual Futures with 5x Leverage
Cryptocurrency exchange Coinbase Global has introduced a pre-IPO perpetual futures contract for SpaceX, allowing investors to gain price exposure to the private space company ahead of its highly anticipated initial public offering on June 12. The contracts, known as 'perps,' offer up to 5x leverage and trade around the clock. Unlike traditional pre-IPO investing, these derivatives do not provide ownership of shares, voting rights, or direct equity claims. Instead, they are tied to SpaceX's private-market valuation. Once the IPO completes, existing positions will automatically convert into standard SpaceX perpetual futures. This is the first in a planned series of pre-IPO perpetual futures from Coinbase covering technology, AI, and space sectors. Competitors Binance and OKX have also introduced similar products. SpaceX's IPO is expected to be the largest in history with a $1.77 trillion valuation. Coinbase's stock has declined 30% this year to $163.22 per share.
Yahoo FinanceCoinbase Launches Pre-IPO Perpetual Futures for SpaceX, Expanding Crypto Trading Offerings
Coinbase announced the launch of pre-IPO perpetual futures contracts, starting with SpaceX, allowing traders outside the US to speculate on the valuation of private companies without owning shares. The derivative is settled in USDC stablecoin and tracks SpaceX's private-market valuation. This product addresses growing retail demand for exposure to high-profile private companies that stay private longer, a market historically limited to institutional investors. Binance had previously entered this space with a SpaceX contract. The launch comes amid a crypto market downturn, with Bitcoin hitting a four-month low, and is part of Coinbase's strategy to diversify trading offerings and maintain revenue during quiet crypto markets. Perpetual futures are popular in crypto, accounting for over 70% of centralized exchange volume. Once SpaceX goes public, expected next week, the contract will convert to a regular perpetual future. Coinbase plans to expand with pre-IPO contracts in AI, energy, and space sectors.
US Top News and AnalysisCoinbase Launches Pre-IPO Perpetual Futures Starting with SpaceX
Cryptocurrency exchange Coinbase has introduced a new perpetual futures product for pre-IPO companies, allowing traders to speculate on valuations before public debuts. The first company listed is Elon Musk's SpaceX, with trading settled in USDC stablecoin, available 24/7, and positions automatically converting upon IPO completion. The product is not available to US users. Coinbase CEO Brian Armstrong stated the product helps with price discovery and exposure to private companies. The announcement coincides with Forbes reporting that SpaceX's estimated IPO price of $135 per share could make Musk the first trillionaire. Reuters reports the IPO is targeted for June 12. Coinbase plans to add more pre-IPO listings in technology, AI, energy, and space sectors. The article explains perpetual futures as contracts without expiration dates, allowing long or short positions without direct asset exposure.
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