Blockchain.com this week launched a perpetual contract tied to SpaceX, jumping into a corner of crypto derivatives that's already crowded with big names. The move comes as speculation swirls around a possible SpaceX IPO — though the company has not confirmed any plans. Blockchain.com now joins Binance, Kraken, Bybit, and Coinbase in offering traders a way to bet on the private rocket maker's valuation without owning its stock.
What the product does
The product is a perpetual swap — a type of futures contract with no expiry — that tracks the implied value of SpaceX shares. Unlike a traditional stock, SpaceX isn't publicly traded, so the exchange has to derive pricing from secondary markets, private fundraising rounds, or its own methodology. Blockchain.com didn't detail the exact pricing mechanism, but similar products from other exchanges have drawn scrutiny for potentially opaque benchmarks.
IPO chatter
SpaceX has been the subject of IPO rumors for years, but the chatter has grown louder in 2026. The company's Starlink division is generating serious revenue, and recent reports suggested SpaceX hired advisers to explore a listing. Nothing is official, but the crypto market is already pricing in a public debut — the perpetuals let traders front-run that event. "It's not an official IPO yet, but you can trade around the noise," one source close to the matter told GFdaily.
Crowded field
Blockchain.com isn't first to the party. Binance rolled out its own SpaceX perpetual last year. Kraken, Bybit, and Coinbase followed. All of them face the same challenge: how to price something that only trades in dark pools and secondary marketplaces. Regulators have also taken interest. The Commodity Futures Trading Commission has flagged concerns about reference rates for unlisted companies, though no enforcement actions have been announced.
Blockchain.com says the product is live for retail and institutional clients now. The next deadline to watch is any official SpaceX S-1 filing — if it comes. Until then, traders will keep sizing up one another's bets on a company that still won't say when, or if, it plans to go public.
