Back
Coinbase launches SpaceX pre-IPO perpetual contracts via Bermuda

Coinbase launches SpaceX pre-IPO perpetual contracts via Bermuda

The USDC-settled SPCX-PERP market opened on June 4, 2026 for eligible users outside the U.S., offering 24/7 private-company exposure without expiry and converting to a SpaceX perpetual contract if the company goes public.

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.
    Reference: 123
Summary

Coinbase said it launched SpaceX pre-IPO perpetual contracts on June 4, 2026, with the SPCX-PERP market opening at or after 06:00 UTC for eligible users outside the U.S. through Coinbase Bermuda. The USDC-settled product trades 24/7 and has no expiry date, giving traders derivatives exposure to price expectations tied to SpaceX before any public listing rather than ownership of shares. Coinbase said positions will automatically convert into a SpaceX perpetual contract after an IPO, while warning that valuation-based pricing may bring lower liquidity, higher volatility and greater liquidation risk.

Terms & Concepts
  • pre-IPO perpetual contracts: Perpetual derivatives tied to private companies before a public listing.
  • USDC-settled: Profits, losses and margin are denominated in USDC.
  • liquidation risk: The chance a leveraged position is forcibly closed after losses.