SpaceX contracts will be settled in USDC and available 24 hours a day.
When SpaceX goes public, Coinbase will automatically convert it to SpaceX Perp.
Coinbase announced this June 3, 2026 the launch of SpaceX pre-IPO perpetual contracts. This is a new category of derivatives that will allow eligible users to gain exposure to the value of private companies before an eventual IPO.
The exchange explained that SpaceX will be the first asset available within this initiative, which It is part of a strategy to expand the offering of financial products beyond traditional cryptocurrencies.
It should be noted that an IPO (initial public offering) is the process by which a private company begins trading on the stock market. Before that time, access to this type of company is usually reserved for specialized funds, institutional investors or private markets.
In this case, Coinbase It will not offer SpaceX shares or direct participation in the company founded by Elon Musk. What it launched is a perpetual contract whose price seeks to reflect the valuation of SpaceX before an eventual IPO.
These contracts will be settled in USDC, will operate 24 hours a day and will have no expiration date. Besides, the company indicated that if SpaceX completes an IPO, open positions will automatically migrate to a contract called “SpaceX Perp”.
Likewise, Coinbase clarifies that these contracts They do not represent actual shares of SpaceX nor do they grant ownership rights over the company.. Its function is to offer exposure to the expected behavior of its valuation before an eventual arrival on the stock markets. This means that users can speculate on the evolution of SpaceX without becoming shareholders of the company.
According to Coinbase, SpaceX will be just the first addition within a new product line that could expand into sectors such as artificial intelligence (AI), technology, energy and space exploration.
The launch will not be available to users in the United States. Coinbase will offer these contracts through Coinbase Bermuda, its international subsidiary, only for eligible users outside the US market.
The decision reflects the regulatory limitations that products linked to private companies face before an IPO and shows the care with which platforms try to introduce these types of instruments in different jurisdictions.
Furthermore, the announcement comes a few days after a controversy related to assets linked to private companies. As CriptoNoticias reported, Anthropic, the company that developed the Claude artificial intelligence model, warned on May 12 that certain digital representations associated with its actions lack legal validity and do not grant real rights over the company.
Anthropic maintained that any transfer of shares not approved by its board of directors is void, questioning structures used by some products that seek to offer exposure to private companies before an IPO.
Although Coinbase’s product does not consist of tokenized stocks, the episode highlighted the regulatory and legal challenges that still surround these financial instruments.