Overview
- Coinbase has unveiled a new product enabling traders to speculate on the valuations of companies poised for an IPO.
- SpaceX is the inaugural company available for trading under this new offering, with additional companies expected to follow soon.
- According to Forbes, the upcoming SpaceX IPO could position Elon Musk as the first trillionaire in history.
Coinbase, the cryptocurrency exchange, has launched a perpetual futures product targeting companies that are preparing to go public, allowing investors to speculate on their valuations before they officially list. The first company featured on this platform is SpaceX, the aerospace firm founded by Elon Musk.
The trading of SpaceX's pre-IPO will utilize the USDC stablecoin, and it will be available 24/7. Positions will automatically adjust upon the completion of the IPO, which means traders could experience significant gains or losses based on the pre-IPO valuation relative to the initial stock price at launch.
Pre-IPO perps are coming to Coinbase.
Starting today with SpaceX - now live for eligible users outside the US.
24/7 trading. USDC-settled. No expiry. pic.twitter.com/EHovmns8fe
— Coinbase 🛡️ (@coinbase) June 4, 2026
Brian Armstrong, co-founder and CEO of Coinbase, stated, "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," as he tweeted about the launch.
It is important to note that this pre-IPO perpetual futures product is currently unavailable to users in the United States. Coinbase's blog indicated that more listings are expected to be announced shortly, encompassing sectors like 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.
Now on Coinbase with SpaceX as our first listing. https://t.co/bQLLymd9wb
— Brian Armstrong (@brian_armstrong) June 4, 2026
This announcement coincides with Forbes reporting that SpaceX's anticipated IPO price of $135 per share could make Musk the first trillionaire ever. Reuters has also noted that the IPO is scheduled for June 12. On the prediction market Myriad, owned by Decrypt’s parent company Dastan, users have assigned a 91% probability that Musk will achieve this landmark net worth before July.
Perpetual futures, often referred to as perps, enable traders to speculate on the price movement of an asset through "long" or "short" positions without needing direct ownership of the asset. Unlike traditional futures contracts, perps lack an expiration date, making them a versatile option for long-term hedging strategies.
In the previous year, perps gained popularity among crypto investors, particularly with the emergence of decentralized exchanges like Hyperliquid, which democratized access to this investment tool.
Coinbase's latest offering merges this favored trading method with pre-market trading—a common feature in the crypto space. Typically, exchanges provide users the chance to speculate on the pricing of upcoming crypto tokens in what is known as pre-market trading. However, traders should exercise caution, as pre-market prices can often be volatile and prone to inaccuracies as new information becomes available.