Coinbase Follows Binance To Launch Elon Musk’s SpaceX Pre-IPO Perps

Coinbase announced launching pre-IPO perpetual futures that track Elon Musk’s SpaceX IPO. The announcement comes within a week of Binance launching a similar instrument. With this, the Brian Armstrong-led exchange is looking to take a more active role in the tokenized pre-IPO speculation space.

Coinbase Launches SpaceX Pre-IPO Futures Trading

Coinbase Markets posted on X, “We will add support for SpaceX pre-IPO perpetual futures on Coinbase.” Further, it added that the opening of its “SPCX-PERP pre-IPO market will begin on or after 6:00am UTC on 4 June 2026.”

The crypto futures exchange later confirmed going into “full-trading mode.” Thus, “limit, market, stop, and stop limit orders” for the SpaceX pre-IPO futures are now available for the users.

Pre-IPO perps are great to get exposure to private companies before they go public (outside the U.S. only for now) and to help with price discovery.

Now on Coinbase with SpaceX as our first listing. https://t.co/bQLLymd9wb

— Brian Armstrong (@brian_armstrong) June 4, 2026

However, Coinbase also warned traders that “Pre-IPO markets differ significantly from standard perpetual futures markets, carrying unique considerations and posing elevated risks.”

Coinbase’s launch comes shortly after Binance revealed its SPCXUSDT perpetual contract. For context, this product tracks the likely valuation of SpaceX until it goes public. The Binance product is based on the Tether stablecoin. Using it, traders can gauge the valuation of the aerospace giant in a future IPO.

IPO Hype Centers Elon Musk’s Aerospace Company

The interest around SpaceX has grown across the crypto markets since it revealed that it had bought 18,712 Bitcoin in 2022 with an average price of roughly $35,000 per BTC. The stake was retained as seen in the IPO filing made with the U.S. Securities and Exchange Commission. Now, the market is looking at June 12 as the IPO will go live on that day.

Prediction activity has also picked up. SpaceX IPO has about a 70% chance of reaching a valuation greater than $2 trillion, per Polymarket. The firm was said to have privately considered an IPO at a valuation of $1.75 trillion before.

Also, Coinbase and Binance are not the only ones to have taken a plunge into the market. In the past few weeks, exchanges such as OKX, Crypto.com, Hyperliquid, and Bitget have launched similar pre-IPO trading products based on private companies and expected public listings.