Coinbase Launches Pre-IPO Markets With SpaceX, Expanding Access to Private Company Exposure

Coinbase has launched a new pre-IPO market product, giving eligible users outside the United States a way to gain exposure to private companies before they go public. The first offering is tied to SpaceX, the aerospace and satellite company led by Elon Musk.

The product is structured as a USDC-settled perpetual futures contract linked to SpaceX’s estimated pre-IPO valuation. Unlike traditional futures contracts, it operates around the clock, has no expiration date and does not require contract rollovers. Traders can open and close positions at any time, with profits and losses settled in USDC.

According to Coinbase, if SpaceX eventually completes an initial public offering, existing positions will automatically transition into a post-IPO perpetual futures contract that tracks the company’s public market performance.

Product Available Only Outside the United States

The launch is currently limited to eligible users in supported jurisdictions outside the US. Coinbase said the restriction reflects regulatory limitations surrounding access to private market securities and investment products within the United States.

The company stated that the goal is to provide broader access to private market opportunities, which have traditionally been available mainly to venture capital firms, private equity investors and large institutions. SpaceX was selected as the first listing because of strong global demand from investors seeking exposure to one of the world’s most valuable private companies.

Competition Grows in Pre-IPO Crypto Markets

Coinbase’s move comes as crypto exchanges increasingly compete to offer tokenized and synthetic exposure to private companies. Earlier this week, Kraken’s parent company Payward announced a similar initiative focused on pre-IPO access.

Other exchanges have also entered the sector. Binance introduced derivative products linked to major private firms in May, while Bitget launched its IPO Prime platform in April with a SpaceX-related investment product.

Rising Interest in Tokenized Real-World Assets

The launch also reflects growing interest in tokenized real-world assets (RWAs). Recent industry research estimated the RWA sector has expanded to approximately $51 billion, growing 42% this year as investors look for easier access to traditionally illiquid assets.

Although tokenized stocks still represent a relatively small portion of the market, demand continues to rise. SpaceX remains one of the most sought-after private companies globally, with some private market estimates valuing the company at as much as $1.75 trillion based on secondary market activity and valuation models.