TLDR Tech / Crypto
Coinbase Launches SpaceX Pre-IPO Perpetual Futures Ahead of IPO
Coinbase has listed SPCX-PERP, a perpetual futures contract tracking SpaceX's pre-IPO valuation with up to 5x leverage, settling in USDC and trading 24/7 without expiry or rollover requirements. The contract automatically converts into standard perpetual futures if SpaceX goes public, currently targeting a $135 per share price for a ~$75 billion IPO, with position limits tiered up to $350,000 notional at 2x and $200,000 at 5x. Coinbase flagged specific risks, including reliance on valuation-based index pricing and lower liquidity versus standard perps, and said more pre-IPO contracts across tech, AI, energy, and space companies are planned as demand for private market derivatives grows.
Read the full story