Pre-IPO Perps:- Ahead of the much-anticipated SpaceX IPO, expected to begin trading on June 12, a new battleground has emerged in crypto.

Over the past two months, some of the industry’s biggest exchanges have quietly begun rolling out products tied to private companies such as SpaceX, OpenAI and Anthropic. The products aim to give retail traders a way to gain exposure to some of the world’s most sought-after startups before they ever reach public markets.

The opportunity is significant. Jefferies recently estimated that the next wave of crypto and blockchain-related listings could help create a public market worth as much as $1 trillion over the coming years. Crypto exchanges appear keen to ensure they capture a share of that momentum.

The trend began in April when Bitget launched IPO Prime, a platform designed to offer tokenized exposure to private companies. The first listing was preSPAX, a product linked to SpaceX. The exchange later expanded the offering with preOPAI, giving users exposure to OpenAI-related pricing.

At the time, Bitget positioned the move as a way to bridge the gap between traditional venture investing and retail participation. This will allow traders to access opportunities that have historically been reserved for institutions and accredited investors.

The idea quickly caught on. Exchanges are now competing to become the preferred venue for traders seeking early exposure to the equity.

OKX, Coinbase Follow With Pre-IPO Perps

In May, OKX unveiled its own pre-market perpetual futures products linked to SpaceX, OpenAI and Anthropic. Unlike traditional equity investments, the contracts do not provide ownership in the underlying companies. Instead, they allow traders to speculate on valuation movements and expected market pricing ahead of a potential public listing.

Then came Binance and Coinbase.

Earlier this month, the Brian-led exchange launched pre-IPO perpetual futures, beginning with SpaceX. In its official announcement, Coinbase described the product as a way for global users to access private-market narratives through a crypto-native format. Contracts trade around the clock and settle in USDC.

Binance recently expanded its product to cover OpenAI IPO Perp after opening with Spacex. Bybit and Lighter too have followed on this as the latest entrants.

This comes as a CoinMarketCap Research estimated that the pre-IPO perp category is at $365 million in cumulative volume as of May. In this, OKX controls 81% market share at the time with Binance quickly catching up.

The Coming Trillion Dollar Opportunity

The rapid succession of launches suggests exchanges see a much bigger opportunity than simply adding another trading product.

For years, crypto exchanges had competed primarily on spot trading, derivatives and staking. Today, however, private markets are emerging as a new growth avenue.

Companies such as OpenAI, SpaceX and Anthropic command valuations in the tens or even hundreds of billions of dollars. However, most retail investors have no direct way to gain exposure before an IPO.

Crypto firms believe their new product can change that.

The race is also reflective of the ongoing broader trend. Crypto companies are increasingly working on bringing traditionally exclusive investment opportunities on-chain. And in the new pre-IPO markets, SpaceX has become the first major test case.

What is clear is that a new market has emerged almost overnight. Starting with Bitget, followed by OKX and now Coinbase, exchanges are racing to bring private-market investing into the crypto ecosystem.

And with SpaceX potentially opening the floodgates, this may be only the beginning.