Coinbase rolled out pre-IPO perpetual futures on its International Exchange on June 3, with SpaceX as the first underlying asset. The contracts settle in USDC, trade around the clock, and never expire — but they're only open to eligible users outside the United States.
What pre-IPO perpetual futures offer
Unlike standard futures that have a set expiration date, these perpetual contracts let traders hold positions indefinitely. They're tied to the value of SpaceX shares before the company goes public, giving participants exposure to a private-company valuation without actually owning equity. All settlements happen in USDC, the dollar-pegged stablecoin, which avoids the friction of traditional fiat conversions.
Coinbase announced the move in a blog post, framing it as a way to bring more flexibility to crypto-native traders who want exposure to high-profile private firms. The 24/7 trading window matches the always-on nature of cryptocurrency markets, a departure from traditional exchange hours that pause overnight and on weekends.
Why SpaceX is the first name
SpaceX, Elon Musk's space exploration company, has long been one of the most talked-about private companies with no public listing. By making it the underlying asset for these derivatives, Coinbase taps into demand from retail and institutional traders who want to bet on the company's trajectory without waiting for an IPO that may be years away.
The choice also signals the exchange's intent to target speculative interest in private-market giants. At the same time, it limits access to non-U.S. users, likely to avoid running afoul of American securities regulations that tightly govern derivatives tied to private companies.
Who can trade and what's next
Eligibility is restricted — the contracts aren't available to anyone in the United States. Coinbase hasn't detailed a timeline for expanding the product to other private companies, but the infrastructure is now live. The exchange's international arm has been steadily adding derivatives like perpetual swaps for major cryptocurrencies, and this pre-IPO variant is its first foray into non-crypto underlying assets.
Traders outside the U.S. can now connect to the International Exchange and start trading the SpaceX perpetual contract. Whether other private firms — such as Stripe, OpenAI, or Epic Games — will follow remains an open question Coinbase hasn't addressed.
