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Coinbase launches SpaceX pre-IPO perpetual contracts via Bermuda

Coinbase launches SpaceX pre-IPO perpetual contracts via Bermuda

Coinbase introduced a new pre-IPO perpetual futures category with a USDC-settled SpaceX contract for eligible traders outside the U.S., designed to convert into a public equity futures contract if SpaceX lists.

USDC

Fact Check
The Coinbase official blog 'Pre-IPOs Are Launching on Coinbase, Starting with SpaceX' directly confirms all key claim elements: June 4, 2026 launch, SpaceX first market, USDC-settled, no expiry, 24/7 trading, auto-conversion to a SpaceX perp at IPO, offered via Coinbase Bermuda Ltd., and unavailable to US persons. The official @coinbase X post and The Block's reporting independently corroborate the same facts on the same date.
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Summary

Coinbase said on June 3 it launched a new pre-IPO perpetual futures category, starting with a SpaceX-linked contract for eligible traders outside the U.S. The USDC-settled product references SpaceX’s estimated valuation and is designed to give traders derivatives exposure to a private company before any public listing rather than ownership of shares. Coinbase said the contract would automatically convert into a public equity futures contract if an IPO occurs. The launch builds on the company’s earlier description of the SpaceX market as a 24/7 product with no expiry date, while carrying the added risks that can come with valuation-based pricing, including lower liquidity, higher volatility and greater liquidation risk.

Terms & Concepts
  • pre-IPO perpetual futures: Perpetual derivatives linked to a private company before it goes public.
  • USDC-settled: A contract whose margin, profit and loss are denominated in USDC.
  • liquidation risk: The possibility that a leveraged position is forcibly closed after losses.