Pre-IPO perps give traders the ability to speculate on the value of a private company without owning shares.

The SpaceX IPO is on Wall Street's radar. A few funds have SpaceX exposure, including the ERShares Private-Public Crossover ETF, or XOVR.

SpaceX’s long-awaited IPO sparks a global scramble, from ETFs to secondary markets, as investors seek indirect access and question its $1.75 trillion valuation.