Crypto exchange Coinbase has gone live with SpaceX pre-IPO perpetual futures, marking the first product under its new pre-IPO derivatives vertical on the Coinbase International Exchange.
The SPCX-PERP market opened shortly after 6:00 AM UTC on Wednesday, June 4. CEO Brian Armstrong confirmed the launch on X, calling pre-IPO perps “a great way to get exposure to private companies before they go public” and “to help with price discovery.” The product is available to eligible users outside the United States.
The timing is not accidental. SpaceX filed Amendment No. 1 to its Form S-1 with the SEC on June 1, disclosing an IPO price of $135 per share and plans to sell 555.6 million shares to raise roughly $75 billion. At that price, the company would carry a $1.77 trillion valuation and list on Nasdaq under the ticker SPCX as early as June 12. Elon Musk would retain over 82% voting control after the offering, according to the filing.
How the contract works
Unlike standard equity derivatives, Coinbase’s pre-IPO perps do not track a share price. Instead, the contract references a valuation-based index, calculated as the company’s total equity valuation divided by one billion. So a price of “1,770” on the contract implies a $1.77 trillion valuation for SpaceX.
The index is constructed from a combination of the one-hour exponential moving average of the Mark Price and an external valuation feed. If the two diverge by more than 5%, the index defaults to the EMA. The Mark Price itself is the median of the best bid, best ask, and last trade, clamped within a band of ±10 % around Fair Value.
All profit and loss is settled in USDC. There is no expiry, no physical delivery of shares, and no ownership rights attached to the contract.
Once SpaceX completes its IPO and the final 424B4 prospectus is filed with the SEC, Coinbase will pause trading, cancel open orders, and rebase the contract into a standard per-share equity perpetual future. The exchange says this conversion is designed to be P&L-neutral for existing position holders. After the rebase, a five-minute TWAP bridge will smooth the transition from the valuation index to the live equity price feed.
Leverage, Limits, and Risk
The maximum leverage available on SPCX-PERP is 5x, lower than the 10x offered on Coinbase’s existing stock perpetual futures. Position limits are tiered: up to $350,000 in notional at 2x leverage, then $200,000 at 5x. There is also a $60 million cap on total notional value across all positions held above default leverage.
Coinbase has flagged several risks specific to these contracts. There is no centralized spot market in SpaceX shares. Liquidity is thin and fragmented across private secondary platforms. Valuations can shift suddenly on new funding rounds, disclosure events, or changes in IPO expectations.
The exchange warns that a 25% or larger move on IPO open day is “plausible,” and at 3x to 5x leverage, that can trigger forced liquidations or auto-deleveraging events.
The pre-IPO phase runs in cross-margin mode, meaning losses in the SpaceX contract can eat into margin supporting other positions in a trader’s portfolio.
Competitors already in the market
Coinbase is not the first exchange to offer SpaceX pre-IPO exposure through perpetual futures. On May 18, Trade.xyz launched the SPCX-USDC contract on Hyperliquid’s order book at a $150 reference price, which quickly spiked to $216 and recorded $33 million in 24-hour volume on its first day. Platforms including Binance, OKX, and Crypto.com have also listed similar products.
However, Coinbase is positioning its product differently. The contract runs on its Bermuda-licensed International Exchange, uses its existing risk framework and liquidation waterfall, and will convert into a regulated equity perpetual future post-IPO rather than remaining a purely synthetic instrument.
What Comes Next
Coinbase said SpaceX is only the first listing in a planned pipeline of pre-IPO perpetual futures spanning technology, artificial intelligence, energy, and space sectors. The exchange did not name specific companies.
SpaceX’s roadshow begins today, June 4. If the current timeline holds, pricing is expected on June 11, with trading on Nasdaq starting June 12.
Also Read: Korea Investment to Add SpaceX Shares Ahead of IPO Debut
