INTRODUCING | You Can Now Access and Trade Pre-IPO SpaceX Contracts on Coinbase

Coinbase, America’s argest crypto exchange, is pushing deeper into Wall Street territory unveiling a new platform that will allow international users to trade derivatives tied to private companies before they go public marking the latest step in the crypto exchange’s effort to become a broader financial marketplace.

The company said it will launch pre-IPO perpetual futures contracts, beginning with Elon Musk’s SpaceX, giving traders exposure to the valuation of privately held companies without owning the underlying shares. The contracts, settled in USDC, will trade around the clock and offer leverage of up to five times, according to Coinbase.

Perpetual futures contracts, often called perps, are derivatives that allow traders to speculate on the price of an asset without owning it and without an expiration date.

Traditional futures contracts expire on a specific date. For example, a futures contract on oil or Bitcoin might settle at the end of June. Perpetual futures never expire, meaning traders can hold positions indefinitely as long as they meet margin requirements.

How They Work

A perpetual futures contract tracks the price of an underlying asset, such as Bitcoin, a stock index, or in Coinbase’s new case, a private company valuation like SpaceX.

If you believe the value will rise, you go long. If you believe it will fall, you go short.

For example:

• SpaceX implied valuation today: $400 billion
• You buy a SpaceX perpetual contract
• If the implied valuation rises to $450 billion, your position gains value
• If it falls to $350 billion, you lose money

You never own actual SpaceX shares. You’re simply betting on price movements.

The move expands Coinbase’s ambitions beyond cryptocurrencies and into one of the most sought-after corners of global finance: private markets. Access to high-growth private companies has traditionally been limited to venture capital firms, institutional investors and wealthy individuals. Coinbase is betting on-chain infrastructure can broaden access to that market while creating a new category of crypto-native financial products.

The launch comes as investor interest in private-company exposure continues to rise amid a prolonged boom in venture-backed technology firms that remain private for longer. SpaceX, one of the world’s most valuable private companies, has become a particularly attractive target for investors seeking access before a potential public listing. Market participants have increasingly relied on secondary share sales and synthetic instruments to gain exposure to such companies.

For Coinbase, the initiative is part of a broader strategy to evolve from a cryptocurrency exchange into what executives have described as an “everything exchange” for digital assets and financial products. The company has recently expanded into derivatives, tokenized assets, prediction markets, and token offerings as it seeks to diversify revenue beyond traditional spot crypto trading.

The pre-IPO contracts also underscore how crypto infrastructure is increasingly being used to replicate products historically found in traditional finance. By settling trades in USDC and operating continuously rather than during standard market hours, Coinbase is leveraging blockchain rails to offer exposure to assets that are typically difficult for retail investors to access.

The launch arrives amid renewed momentum across digital-asset markets with crypto firms increasingly tapping public and private capital markets. Recent IPO activity from crypto-related companies has reinforced investor appetite for digital-asset businesses and helped fuel demand for new investment vehicles tied to the sector.

If successful, Coinbase’s pre-IPO marketplace could provide a blueprint for bringing a wider range of private assets onto on-chain trading venues further blurring the line between traditional finance and the crypto economy.

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