Binance just kicked open a door that Wall Street has kept locked for decades. The exchange launched Pre-IPO Perpetual Contracts on its futures platform, letting eligible retail users speculate on the expected valuations of private companies before they go public.
The first contract, SPCXUSDT, is tied to SpaceX, a company with expected valuations in the $1.75 to $2 trillion range. In English: regular people can now place bets on what SpaceX might be worth when it eventually hits public markets, all settled in USDT.
How the contracts actually work
These are USDT-margined perpetual contracts, which means they function like standard crypto perps but track the anticipated price of a pre-IPO company rather than an existing token or stock. There’s no expiration date baked in, and the contracts are designed to remain tradeable even after the company actually goes public.
Binance has built transition mechanisms that shift the contract to a stable pricing framework once the IPO occurs. The target audience is eligible global retail users, though Binance hasn’t specified exactly which jurisdictions qualify.
