Coinbase has announced the launch of perpetual futures trading on stocks of companies that have not yet made an initial public offering (pre-IPO). The first asset was SpaceX, which is expected to go public in June 2026. The new tool is available to users outside of the US with billing at the USDC blockchain, and its provider is the exchange’s Bermuda division.

Unlike tokenized stocks, users trade derivatives without a fixed date of exposure. After the company’s official listing, these contracts are converted into standard perpetual futures. Coinbase CEO Brian Armstrong noted that the product helps in pricing and gives access to private companies. At the exchange, it was stressed that SpaceX is not involved in the preparation of this instrument. In the future, the list of pre-IPO tubes will be expanded to include AI, energy and space projects.

Similar products are already on the market, such as Ventuals' open-ended contracts based on Hyperliquid. The launch of derivatives on SpaceX coincided with the company’s IPO bid in late May. Forbes estimates that Elon Musk’s business is valued at $1.75 billion with a stock price of $135, and a successful listing could make the founder the world’s first trillionth.