Binance Adds SpaceX Pre-IPO Futures as Trading Competition Intensifies

The first listing, SPCXUSDT Pre-IPO Perpetual, will allow eligible users to trade market expectations around SpaceX's future public valuation through perpetual contracts settled with the USDT stablecoin. Binance said additional pre-IPO listings will be introduced over time.

The product could open access to a market that has historically been difficult for most retail investors to enter. Exposure to private companies before public listings has largely been concentrated among venture capital firms, institutions and accredited investors, with access often limited by regulatory and financial requirements. Crypto platforms are now experimenting with new avenues for regular investors to trade around such events.  

Binance is the world's largest crypto exchange by trading activity. According to CoinGecko data, the platform processed more than $8.1bn in spot trading volume over the past 24 hours, with Bitcoin (BTC) accounting for roughly $861m, or 10.6%, of total activity. 

"As interest in public listings continues to grow, we're giving users a more flexible way to engage with anticipated IPOs earlier," said Shunyet Jan, head of spot and derivatives business at Binance. 

Growing interest in pre-IPO markets

Binance's move comes just a few days after Trade.xyz, a decentralized noncustodial trading platform on the Hyperliquid blockchain, launched a SpaceX pre-IPO perpetual market. Trade.xyz launched the market with a reference valuation of around $1.78tn, according to the Financial Times. CNBC reported that the company confidentially submitted its IPO filing in April. 

The derivative products will allow traders to bet on whether a company's valuation will rise or fall, without owning the underlying stock.

Perpetual futures also remain one of crypto's largest trading segments, with centralized exchanges processing an estimated $85.3tn in volume during 2025, according to a 21 May CoinGecko report. 

Competition across crypto derivatives trading has intensified. While Binance remains the largest venue for perpetual futures, accounting for 33% of centralized perpetual trading volume during the first four months of 2026, newer platforms have steadily gained market share.

Among the biggest challengers is Hyperliquid, whose decentralized perpetual futures platform has emerged as one of crypto's main venues for derivatives trading. The protocol processed roughly $5.8bn in 24-hour perpetual futures volume on 20 May, according to DeFiLlama data. 

Crypto's broader push into TradFi

Binance's move also comes as crypto firms increasingly move beyond digital assets and expand into products traditionally associated with Wall Street. Exchanges that once focused mainly on Bitcoin and crypto trading are pushing heavily into stock trading, brokerage services and tokenized versions of traditional assets.

Earlier this year, for instance, Kraken's Wyoming-chartered bank became the first digital asset bank to receive a Federal Reserve master account, giving it direct access to US payment infrastructure without relying on intermediary banks.

Stablecoin issuer Circle in Dec 2025 received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A. Once fully approved, the federally regulated trust bank would oversee management of USDC reserves and provide fiduciary digital asset custody services for institutional clients.

SpaceX IPO plans

Binance's announcement came a few hours after SpaceX on 20 May publicly moved forward with plans for a public listing.

The IPO could become one of the largest in history, with some estimates suggesting the company could debut with a valuation above $1tn.

Binance cautioned in its official press release that the products could experience price swings and noted there's no guarantee an IPO will happen. The exchange added that contracts could be settled or removed if a listing is delayed or cancelled.

Sandmark has reached out to Binance for comment but has not yet heard back.