Coinbase Launches Pre-IPO Perpetual Futures Trading, Starting with SpaceX

Coinbase launched perpetual futures trading for pre-IPO companies on June 4, 2026, starting with SpaceX ahead of its planned $75 billion IPO targeted for June 12, 2026. The product is unavailable to U.S. users and allows eligible traders to speculate on SpaceX's valuation 24/7 using USDC stablecoin settlement. Positions automatically convert when the IPO completes, with Coinbase planning additional listings in technology, AI, energy, and space sectors.

Coinbase pre-IPO perpetual futures launch

• ▪Coinbase launched a perpetual futures product for pre-initial public offering companies on June 4, 2026
• ▪Brian Armstrong is co-founder and CEO at Coinbase
• ▪Coinbase plans to announce more pre-IPO listings soon, including companies in technology, AI, energy, and space
• ▪Coinbase's pre-IPO perpetual futures product is not available for users from the United States

SpaceX trading details

• ▪The SpaceX pre-IPO perpetual futures on Coinbase are settled using the USDC stablecoin
• ▪All positions in SpaceX pre-IPO perpetual futures on Coinbase will automatically translate when the IPO is complete
• ▪SpaceX is the first company available for trading on Coinbase's pre-IPO perpetual futures product
• ▪The SpaceX pre-IPO perpetual futures on Coinbase can be traded 24/7

Elon Musk trillionaire milestone

• ▪Reuters reported that the SpaceX IPO is targeted for June 12, 2026
• ▪Users on prediction market Myriad place a 91% chance on Elon Musk reaching trillionaire net worth before July 2026
• ▪Forbes estimates that SpaceX's estimated IPO price of $135 per share would make Elon Musk the first-ever trillionaire

Perpetual futures mechanics

• ▪Perpetual futures do not have an expiration date
• ▪Perpetual futures allow traders to speculate on the direction of an asset via a long or short position without needing direct exposure to the underlying asset

Pre-market trading risks

• ▪Traders in Coinbase's SpaceX pre-IPO perpetual futures could make massive profits or losses depending on the difference between the pre-IPO valuation and the debut stock price
• ▪Prediction market Myriad is owned by Dastan, the parent company of Decrypt
• ▪Pre-market prices are often inaccurate and extremely volatile as new information emerges