Coinbase Rolls Out Pre-IPO Perpetual Futures, Debuts with SpaceX Contract

Coinbase said on June 4 it has launched a new Pre-IPO perpetual futures product, giving eligible users outside the U.S. price exposure to private companies. The first listing is a SpaceX Pre-IPO perpetual contract. The product is USDC-settled and trades 24/7. It has no expiry date and does not require contract rollovers, allowing users to open and close positions at any time, similar to standard perpetual futures. Coinbase said that once SpaceX completes an IPO, existing positions will be automatically converted into SpaceX perpetual contracts, with no action required from users, enabling continuous price exposure from the private market to the public market. The company added it plans to introduce additional Pre-IPO perpetual contracts across sectors including technology, AI, energy and aerospace, aiming to lower the threshold for global investors to participate in private-company price discovery. Coinbase cautioned that the Pre-IPO perpetual contract uses a valuation-based index pricing mechanism and involves IPO conversion risk. It may also feature lower liquidity, higher volatility and greater liquidation risk than standard perpetual contracts. The product is offered through Coinbase Bermuda and is not available to U.S. users.