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Coinbase launched a SpaceX pre-IPO perpetual today, becoming the latest crypto exchange to offer synthetic exposure to SpaceX ahead of its expected June 12 Nasdaq debut at a $1.75 trillion valuation.
What's the Scoop?
- The Latest Addition: Coinbase's SpaceX Pre-IPO Perpetual Future is USDC-settled and automatically converts to a regular SpaceX Perp once the company completes its IPO. The product is offered through Coinbase Bermuda Ltd. and is not available to U.S. persons. Coinbase said it plans to add more pre-IPO perps in the future.
- The Chronology: Coinbase is the latest in a months-long trend. Crypto.com (May 12),
Hyperliquid via Trade.xyz (May 18, which generated $33 million in first-day volume), 
Binance (May 21, which reportedly saw over $280 million in cumulative volume in its first five days), and now Coinbase. - Different Pricing Mechanisms: The SpaceX pre-IPO perps trading across exchanges don't share a standardized pricing mechanism. On Coinbase, the SpaceX perp’s price is derived from two inputs: a rolling one-hour average of Coinbase's own perp price, and an external valuation feed drawn from secondary-market data and modeled private-company valuations. The two get averaged together, with Coinbase falling back to just its own price if the external feed diverges by more than 5%. The valuation vendor is not named.
Pre-IPO perps are coming to Coinbase.
— Coinbase 🛡️ (@coinbase) June 4, 2026
Starting today with SpaceX - now live for eligible users outside the US.
24/7 trading. USDC-settled. No expiry. pic.twitter.com/EHovmns8fe
