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Coinbase Launches Perpetual Futures on Pre-IPO Shares
- Coinbase has launched trading in perpetual futures on SpaceX shares.
- The offering will later be expanded to include other companies.
Crypto exchange Coinbase has announced the launch of perpetual futures contracts on shares of companies that have not yet held an initial public offering (IPO). The first such company will be SpaceX, whose stock market debut is expected in June 2026.
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
According to the release, the feature is already available to eligible users outside the United States, with settlement in the $USDC stablecoin. The provider is the exchange’s Bermuda-based division, Coinbase Bermuda Ltd.
Perpetual futures contracts are derivatives that allow users to trade an underlying asset without a fixed expiry date. Users do not buy shares or their derivatives, such as tokenised versions, but contracts that make it possible to speculate on an upcoming event.
At the time of the IPO, they will be converted into regular perpetual futures. At the same time, this is Coinbase’s own standalone product: the exchange stressed that SpaceX is not involved in its preparation in any way.
“Pre-IPO stock contracts are a great way to gain access to private companies before they go public — currently only outside the US — and help with price discovery,” said Coinbase CEO Brian Armstrong, commenting on the new product.
Other similar markets will appear on the platform in the future. These will include companies preparing for IPOs in sectors such as technology, artificial intelligence, energy, space and more.
The offering itself is not exclusive. Similar products include perpetual futures from Ventuals, which operates on Hyperliquid’s HIP-3.
SpaceX filed for an IPO at the end of May 2026. Media reports suggest that the listing will take place on 12 June.
According to Forbes, the company is valued at $1.75 billion, or $135 per share. If this forecast proves correct, its founder and owner Elon Musk will become the first trillionaire.
See also: "Binance Announces the Shutdown Date for Its NFT Service"
