Cryptocurrency exchange Coinbase Global (NASDAQ: $COIN) is offering a pre-IPO perpetual futures contract with up to 5x leverage.
The perpetual futures contracts, popularly known as "perps," arrive days before SpaceX holds its initial public offering (IPO) on June 12.
With a valuation of $1.77 trillion U.S., the SpaceX IPO is expected to be the biggest in history and exchanges such as Coinbase are looking to capitalize on the opportunity.
Coinbase says the new contracts allow investors to gain price exposure to private companies before they go public through perpetual futures that trade around the clock.
The SpaceX contract is the first in what Coinbase says is a planned line-up of pre-IPO perpetual futures covering sectors such as technology, artificial intelligence (A.I.), and space.
Unlike traditional pre-IPO investing, the contracts do not provide ownership of company shares, voting rights, or any direct claim on equity.
Instead, investors gain exposure to the stock through derivatives tied to a company's private-market valuation.
Once SpaceX completes its IPO, investors' existing positions will automatically convert into standard SpaceX perpetual futures contracts without requiring any action on the part of users.
The SpaceX perps are part of Coinbase's "Everything Exchange" that includes crypto-native trading infrastructure and private company price exposure.
Several cryptocurrency platforms are offering similar products as interest in pre-IPO companies grows.
Beyond Coinbase, exchanges such as Binance and OKX have also introduced pre-IPO perpetual futures tied to SpaceX.
COIN stock has declined 30% this year to trade at $163.22 U.S. per share.
COMTEX_482933963/2797/2026-06-04T12:21:16