Binance has introduced perpetual futures allowing users to trade shares of private companies before they go public. The first contract, SPCXUSDT Pre-IPO Perpetual, is based on the anticipated market valuation of Space Exploration Technologies Corp (SpaceX). Similar contracts for other companies will follow.

“These futures show how Binance is democratizing access to major financial events through crypto infrastructure, giving users a chance to participate in upcoming IPOs ahead of time,” said Shunet Yan, Head of Derivatives Business at Binance.

SpaceX has filed for an IPO expected on NASDAQ next month. Goldman Sachs will act as lead underwriter, followed by Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase. After merging with xAI in February 2026, SpaceX was valued at $1.25 trillion. This IPO may be the first of three major offerings this year, with OpenAI and Anthropic also expected to go public.