Coinbase is expanding the boundaries of crypto trading with the launch of pre-IPO perpetual futures, a new product that allows eligible users outside the United States to speculate on the valuation of private companies before they go public.
The first contract under the new offering is linked to SpaceX, Elon Musk’s aerospace company, which remains one of the world’s most valuable privately held firms.
Coinbase said the new futures contracts are designed to provide traders with exposure to private market valuations through a regulated crypto derivatives framework. Unlike traditional stock ownership, the contracts do not represent actual shares in the underlying company. Instead, they track the estimated market value of the private firm, allowing traders to take long or short positions based on their expectations.
The launch reflects growing demand for alternative ways to access private market opportunities, which have historically been reserved for venture capital firms, institutional investors, and high-net-worth individuals. Many of today’s largest technology companies spend years in private markets before pursuing public listings, limiting participation for retail investors.
According to Coinbase, the product is being offered through its international exchange and will only be available in jurisdictions where such trading is permitted. Users in the United States are not eligible to access the contracts.
The exchange said pricing data for the contracts will be derived from secondary market activity and valuation benchmarks used by institutional investors. This is intended to provide traders with a reference point for assessing the performance of private companies that are not publicly traded.
The move comes as crypto exchanges continue searching for new products that bridge the gap between traditional finance and digital asset markets. Over the past year, several platforms have expanded into tokenized assets, prediction markets, and alternative investment products as competition for users intensifies.
By introducing pre-IPO perpetual futures, Coinbase is betting that investor interest in private technology companies can extend beyond venture capital circles and into the broader digital asset ecosystem.
The launch also signals how crypto platforms are increasingly positioning themselves as gateways to a wider range of financial products, not just cryptocurrencies.
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