Binance has launched pre-IPO perpetual futures contracts, allowing traders to speculate on the expected valuations of private companies before they go public. The first contract, SPCXUSDT, is tied to SpaceX and settled in Tether's USDt.
These products do not confer ownership of underlying shares. After a company’s public debut, contracts transition to tracking live market prices. Contracts for IPOs that are delayed or canceled may be delisted and settled under a separate process.
The move comes as Elon Musk’s SpaceX prepares for what could be one of the largest IPOs in US history. After filing confidentially with the SEC in April, SpaceX confirmed plans to sell shares publicly, potentially seeking a valuation above $1.75 trillion and raising as much as $75 billion.
Meanwhile, crypto companies are expanding SpaceX-linked investment products. In March, tokenized equities platform xStocks partnered with Fundrise to bring private shares onchain. In April, Bitget launched a pre-IPO platform with a SpaceX-linked product.
An SEC filing this week revealed SpaceX holds 18,712 Bitcoin, purchased at an average of $35,320 per coin, more than Tesla’s holdings. If publicly traded, SpaceX would rank seventh among corporate Bitcoin holders.
