Coinbase, the leading US-based crypto exchange, has launched a new product that lets eligible traders gain exposure to the valuation of SpaceX, Elon Musk’s privately held aerospace and satellite company, before it goes public.
The offering is structured as a USDC-settled perpetual futures contract that trades around the clock and is available to users outside the US, according to a statement from the exchange.
Coinbase CEO Brian Armstrong framed the launch as both a trading opportunity and a transparency play.
“Pre-IPO perps are great to get exposure to private companies before they go public and to help with price discovery,” he wrote on X.
The offering gives traders exposure to SpaceX’s pre-IPO price without requiring ownership of company shares or access to private equity markets. Contracts trade continuously, have no expiration date, and settle entirely in USDC, mirroring the experience of traditional crypto perpetual futures.
