SpaceX Hits Coinbase, Kraken, Bybit Before Any Stock Exchange

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Coinbase has recently launched a new type of perpetual futures contract that gives traders exposure to private companies before they go public. The first listing is tied to SpaceX, allowing eligible users outside the U.S. to trade the company’s implied valuation around the clock without owning any shares. The move comes as several major crypto exchanges race to bring tokenized IPO access and pre-public-market trading to retail investors worldwide.

Coinbase Brings SpaceX to Pre-IPO Markets

According to Coinbase’s announcement from June 3, the new product is called a pre-IPO perpetual future. Instead of buying stock, traders gain exposure to a company’s estimated market value through a USDC-settled perpetual contract.

As the exchange’s team explained, the SpaceX contract trades 24 hours a day, has no expiration date, and doesn’t require position rollovers. Traders can open or close positions at any time, while profits and losses are settled directly in USDC.

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The company said the contract will automatically transition if SpaceX eventually completes an initial public offering. Open positions would be converted into a standard SpaceX perpetual contract tied to the public stock price, eliminating the need for traders to manually close or reopen positions.

The product is offered through Coinbase Bermuda and is available only in supported jurisdictions outside the United States.

SpaceX Sparks a New Exchange Race

Coinbase isn’t alone in pursuing the market for pre-IPO and tokenized equity products.

Kraken recently opened registrations for SpaceX IPO access through the xStocks framework, allowing eligible users in more than 110 countries to express interest in receiving tokenized SpaceX shares if allocations become available. The platform said the resulting SPCXx tokens would trade around the clock and remain available throughout the first weekend after any public listing.

Bybit has also entered the space with its new IPO Express product. The exchange plans to offer tokenized access to SpaceX at IPO pricing through a partnership with xStocks. Eligible users can register interest, subscribe during the offering window, and receive allocations before tokenized shares begin trading on Bybit’s spot market.

The rapid expansion highlights a growing effort by crypto exchanges to bring traditionally exclusive investment opportunities to a wider audience. Access to high-profile IPOs has historically concentrated among institutions and select brokerage clients. Crypto platforms are now trying to remove many of those barriers through tokenization and blockchain-based settlement.

Still, the opportunity comes with meaningful risks. Coinbase warned that pre-IPO perpetual futures may experience lower liquidity, sharper volatility, and additional uncertainty tied to private-company valuations. Tokenized IPO products face allocation limits, regulatory restrictions, the possibility of changes or delays to the listing plans, and other challenges.

Even so, the direction is becoming clear. Whether through perpetual futures on Coinbase or tokenized shares on Kraken and Bybit, crypto exchanges are increasingly competing to become gateways not only for digital assets, but also for some of the world’s most sought-after private companies.