Coinbase just opened a door that used to require a venture capital badge to walk through. The exchange launched pre-IPO perpetual futures contracts on June 4, starting with SpaceX as the inaugural asset available for trading.
The product lets eligible non-US traders get 24/7 exposure to SpaceX’s private-market valuation, currently estimated between $1.77 trillion and $1.8 trillion.
How the contracts actually work
The SpaceX pre-IPO perpetual futures contracts settle in USDC, the stablecoin issued by Circle. They carry no expiration date and require no rollover, which means traders don’t have to worry about contract deadlines forcing them to close or renew positions.
Leverage goes up to 5x. In English: a trader can control $5 worth of SpaceX exposure for every $1 of collateral posted.
