Coinbase launches pre-IPO markets, starting with Elon Musk’s SpaceX
Coinbase launches pre-IPO markets starting with SpaceX, offering non-US users perpetual futures tied to private company valuations amid rising competition.
Coinbase has launched pre-intial public offering (IPO) markets, starting with SpaceX, offering users outside the United States exposure to private companies before they list publicly via a perpetual futures contract tied to the company’s estimated pre-listing price.
The product is a USDC-settled perpetual futures contract that tracks SpaceX’s pre-IPO valuation. It allows 24/7 trading with no expiry or rollover, with profits and losses settled in USDC, according to a company blog post Thursday.
Coinbase said the positions can be opened and closed at any time, similar to existing perpetual futures contracts on the platform. Upon a future IPO, positions will automatically transition into a post-IPO perpetual futures contract referencing the public listing.