Coinbase has launched a perpetual futures contract that allows eligible traders outside the US to gain exposure to SpaceX's valuation before it goes public. The USDC-settled product trades continuously with no expiration date.
Coinbase CEO Brian Armstrong described the offering as both a trading opportunity and a transparency play, stating it enables price discovery for private companies.
Pre-IPO perpetual futures for SpaceX opened in May, briefly implying a $2.2 trillion valuation-roughly $450 billion above SpaceX's official IPO target of $1.75 trillion. Contracts trade around the clock and are available without requiring direct ownership of company shares.
Coinbase plans to expand the category to include additional high-growth companies in AI, technology, and energy sectors.