Crypto exchange Coinbase has launched pre-IPO perpetual futures, starting with a SpaceX contract that allows traders to gain price exposure to Elon Musk's aerospace giant ahead of its expected public listing next week at a $1.8 trillion valuation.
Coinbase's pre-IPO perps are USDC-settled contracts with 24/7 trading, no expiry, no rollover, and automatically convert into a standard perp contract if and when a company completes an IPO, the company said Thursday.
A Coinbase spokesperson told The Block that pre-IPO perps offer up to 5x leverage. By comparison, Coinbase's standard stock perpetual futures offer up to 10x leverage, while ETF perpetual futures offer up to 20x leverage.
Coinbase said the SpaceX listing is only the first in a planned pipeline of pre-IPO perps covering sectors including technology, artificial intelligence, energy, and space.
Growing pre-IPO perps market
