Key facts
- Coinbase International Exchange launched pre-IPO perpetual futures contracts.
- The first contract is based on SpaceX's estimated pre-listing valuation.
- Contracts are USDC-settled and allow 24/7 trading with no expiry.
- Positions will transition to post-IPO contracts upon a future SpaceX IPO.
- The product is available to users outside the United States.
Coinbase International Exchange has introduced pre-IPO perpetual futures contracts, beginning with SpaceX. This new offering allows users outside the United States to gain exposure to private companies before they become publicly traded. The contract is a USDC-settled perpetual futures contract that tracks SpaceX's estimated pre-listing valuation. It enables continuous 24/7 trading without an expiry date or rollover, with profits and losses settled in USDC. Positions can be opened and closed at any time, similar to existing perpetual futures. Upon a future initial public offering (IPO) of SpaceX, existing positions will automatically convert into a post-IPO perpetual futures contract referencing the public listing.