Authored by Ryan Gladwin via Decrypt.co,Cryptocurrency exchange Coinbase is rolling out a perpetual futures product for pre-initial public offering (IPO) companies, allowing traders to speculate on a company's valuation before its debut.The first pre-IPO company to be traded on the platform is Elon Musk's aerospace company, SpaceX.The SpaceX pre-IPO will be settled using the USDC stablecoin, can be traded 24/7, and all positions will automatically translate when the IPO is complete.That means traders could make massive profits or losses depending on the difference between the pre-IPO valuation and the debut stock price."Pre-IPO perps are great to get exposure to private companies before they go public (outside the U.S. only for now) and to help with price discovery," Brian Armstrong, co-founder and CEO at Coinbase, tweeted.It is worth noting that the pre-IPO perp product is not available for users from the United States. The Coinbase blog post explained that more pre-IPO listings will be announced "soon," including companies in technology, AI, energy, and space.Pre-IPO perps are great to get exposure to private companies before they go public (outside the U.S. only for now) and to help with price discovery.