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Polymarket

Coinbase has launched pre-intial public offering (IPO) markets, starting with SpaceX, offering users outside the United States exposure to private companies before they list publicly via a perpetual futures contract tied to the company’s estimated pre-listing price.
The product is a USDC-settled perpetual futures contract that tracks SpaceX’s pre-IPO valuation. It allows 24/7 trading with no expiry or rollover, with profits and losses settled in USDC, according to a company blog <a href="https://www.coinbase.com/en-pt/blog/pre-ipos-are-launching-on-coinbase-starting-with-spacex" rel="noopener noreferrer nofollow">post</a> Thursday.
Coinbase said the positions can be opened and closed at any time, similar to existing perpetual futures contracts on the platform. Upon a future IPO, positions will automatically transition into a post-IPO perpetual futures contract referencing the public listing.
The offering is not available to US persons at launch and is initially rolling out to “eligible users in supported jurisdictions outside the United States,” reflecting restrictions on offering private market securities exposure in the country.
Coinbase said the product is intended to expand access to private market exposure, which has traditionally been limited to venture capital firms and institutional investors, with SpaceX serving as the initial listing due to strong global demand for exposure to Elon Musk’s space and satellite company.<img alt="Coinbase launches pre-IPO markets, starting with Elon Musk’s SpaceX" height="865" src="https://s3-images.ctmedia.io/media/content/cb7.png" width="853">
Pre-IPO perpetual futures launch on Coinbase. Source Coinbase
Cointelegraph reached out to Coinbase for comment, but did not receive a response by publication.
<h2 id="crypto-exchanges-race-to-offer-pre-ipo-exposure">Crypto exchanges race to offer pre-IPO exposure</h2>
The launch comes amid intensifying competition among crypto exchanges to bring private market exposure into tokenized or synthetic form. Kraken’s parent company, Payward, announced a similar initiative Wednesday, <a href="https://cointelegraph.com/news/kraken-payward-tokenized-ipo-access-retail-investors" rel="noopener noreferrer nofollow">offering tokenized access to pre-IPO companies</a>.
Related: <a href="https://cointelegraph.com/news/coinbase-invests-proshares-etf-tailored-stablecoin-reserve-assets" rel="noopener noreferrer nofollow">Coinbase invests in ProShares ETF tailored for stablecoin reserve assets</a>
Binance also launched <a href="https://cointelegraph.com/news/binance-launches-spacex-linked-perpetual-futures-ahead-of-potential-ipo" rel="noopener noreferrer nofollow">derivative products linked to high-profile private firms</a>, including SpaceX, in May, while in April, <a href="https://cointelegraph.com/news/bitget-spacex-pre-ipo-proxy-republic" rel="noopener noreferrer nofollow">Bitget launched IPO Prime</a>, a platform for pre-IPO investment products, starting with a SpaceX-linked offering.
The broader push coincides with accelerating interest in tokenized real-world assets. Research from Bernstein released May 26 estimated the <a href="https://cointelegraph.com/news/rwa-market-cap-51-billion-tokenized-private-credit-bernstein" rel="noopener noreferrer nofollow">RWA market has grown to $51 billion</a>, expanding 42% this year as investors seek fractional exposure to traditionally illiquid private assets.
A separate Bitget Wallet <a href="https://web3.bitget.com/en/blog/articles/onchain-stocks-trading-report" rel="noopener noreferrer nofollow">report</a>, published May 26, found tokenized stocks still make up a low-single-digit share of the RWA market, with most activity clustered in a few big-tech names such as Tesla, Alphabet and Microsoft trading on offshore platforms.
SpaceX remains one of the most closely watched private companies globally, with valuations in recent private market and institutional <a href="https://www.reuters.com/legal/government/how-math-works-175-trillion-spacex-valuation-2026-04-08/?utm_source=chatgpt.com" rel="noopener noreferrer nofollow">estimates</a> reaching as high as $1.75 trillion, depending on methodology and secondary market pricing.
Magazine: <a href="https://cointelegraph-magazine.com/fix-insider-trading-polymarket-kalshi/" rel="noopener noreferrer nofollow">How to fix suspected insider trading on Polymarket and Kalshi</a>

Coinbase launches pre-IPO markets, starting with Elon Musk’s SpaceX

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