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.