Coinbase has officially rolled out its Pre-IPO perpetual contract product, starting with SpaceX as the first underlying asset. The product is now available to eligible non-U.S. users, offering round-the-clock 7×24 trading, settlement in the USDC stablecoin, and no expiration date.
Upon SpaceX's eventual initial public offering (IPO), all related positions will automatically convert into standard perpetual contracts without any action required from users. Pre-IPO perpetuals are an innovative derivative that allows investors to take long or short positions on a company's valuation before it goes public. This launch represents a further expansion of Coinbase's derivatives offerings, granting qualified global users a new avenue for price discovery in pre-public companies.