Coinbase launches SpaceX pre-IPO perpetual futures for international users
Key takeaways
- The contracts are the first in a planned pipeline of pre-IPO perpetual futures on the platform, the company said.
- Up to 5x leverage is available on the contracts, The Wall Street Journal reported.
- When SpaceX completes its IPO, positions in the pre-IPO contract will convert to a standard SpaceX perpetual future with no action required from traders, the company said.
Coinbase launches Space X pre-IPO perpetual futures for international users Quartz · Nur Photo / Getty Images Cris Tolomia Thu, June 4, 2026 at 9:11 PM GMT+7 2 min read SPAX.PVT USDC-USD Coinbase is launching pre-IPO perpetual futures contracts tied to Space X, giving eligible traders outside the U.S. price exposure to the private company ahead of its planned public listing. The contracts are the first in a planned pipeline of pre-IPO perpetual futures on the platform, the company said.
Structured as a derivative and denominated in USDC, the SpaceX Pre-IPO Perpetual Future has no expiration date and is available for trading around the clock, according to Coinbase, which says traders can enter and exit positions at will. Up to 5x leverage is available on the contracts, The Wall Street Journal reported. The product carries no equity ownership and does not require separate brokerage onboarding, Coinbase said.
When SpaceX completes its IPO, positions in the pre-IPO contract will convert to a standard SpaceX perpetual future with no action required from traders, the company said. The contracts are offered through Coinbase Bermuda Ltd., which is licensed by the Bermuda Monetary Authority, and are not available to U.S. persons.