Exchange operators are increasingly offering ways for traders to bet on companies before they go public, with Coinbase joining Binance and other platforms in launching SpaceX-linked products ahead of what is expected to be one of the largest public offerings of all time.
Crypto Firms Push into Pre-IPO Trading as SpaceX Mania Grows
4 June 2026 - 23:25 CEST
By Jona Jaupi
Coinbase on 4 Jun launched a futures contract tied to aerospace manufacturer SpaceX that allows eligible traders outside the US to trade on the company's value before its expected stock market debut on 12 June.
A new way to trade
Coinbase's new product, called the SpaceX Pre-IPO Perpetual Future, lets traders bet on whether SpaceX's value will rise or fall. The contract does not give investors ownership of SpaceX shares, but instead tracks the company's valuation through a futures market before its initial public offering (IPO) takes place.
The product trades 24 hours a day and is settled in Circle's USD Coin (USDC) stablecoin – the second-largest circulating stablecoin with a market capitalization of nearly $76bn, according to DeFiLlama.
Coinbase chief executive officer Brian Armstrong said in a post on X earlier today that the product can help with "price discovery" by allowing traders to express views on a company's value before a stock market listing.
The push into TradFi
The launch is the latest sign that crypto companies are moving into areas traditionally dominated by Wall Street players.
Historically, investing in private companies has traditionally been the domain of venture capital firms and large investors. Crypto exchanges argue that products tied to private-company valuations can give more traders access to such markets. Still, critics warn that pre-IPO products can be highly volatile and carry risks because companies may delay, change or even cancel their listing plans.
The competition heats up
The move is also part of a broader effort by crypto companies to expand their offerings. As competition in spot and derivatives trading continues to grow, exchanges have been looking for new products that can attract and retain users.
In recent years, crypto firms have pushed into stock trading, payments, tokenized assets and other services.
Pre-IPO trading has now emerged as the latest area of competition, with Coinbase's launch coming just weeks after Binance introduced its own SpaceX-linked contract, which is settled in Tether's USDT stablecoin.
Decentralized trading platform Trade.xyz has also recently launched a similar product tied to SpaceX.
Interest builds ahead of SpaceX IPO
Interest in pre-IPO trading appears to have grown as investors look for ways to gain exposure to some of the world's largest private companies.
SpaceX, in particular, has drawn attention after setting an IPO price of $135 per share ahead of its expected market debut. The offering is expected to raise about $75bn and value the company at roughly $1.75tn, Reuters reported on 3 Jun.
AI company Anthropic recently confidentially filed for a US IPO, while investors continue to speculate about a potential future listing by OpenAI.
