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Binance launched perpetual futures contracts tied to the expected valuations of private companies ahead of their public listings, starting with a SpaceX-linked product settled in Tether's USDt (USDT).
Binance said pre-IPO perpetual contracts are expected to reflect publicly available IPO pricing indicators, including announced valuation ranges and final offering prices, before a company begins trading publicly. After a listing, the contracts would transition to tracking live market prices.
The first contract, SPCXUSDT Pre-IPO Perpetual, is tied to SpaceX's expected public market valuation, with additional pre-IPO perpetual contracts to follow over time.
Source: Binance
The products do not represent ownership of the underlying shares and instead allow traders to speculate on expected valuations before and after a company’s public debut.
According to Binance, contracts may later transition into a more standard perpetual futures structure once a stable reference price can be derived from the publicly traded shares. Contracts tied to IPOs that are delayed or canceled may also be delisted and settled under a separate process outlined by the exchange.
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Crypto companies expand SpaceX-linked investment products ahead of IPO
The launch comes as Elon Musk’s aerospace company prepares for a public listing that could become one of the largest IPOs in US market history. In April, SpaceX confidentially filed for an initial public offering with the US Securities and Exchange Commission and could move forward with the listing as early as June. This week, the company confirmed plans to sell shares of its stock to the public.
According to reports, SpaceX could seek a valuation above $1.75 trillion and raise as much as $75 billion in the offering, a size that would surpass the roughly $29 billion raised in Saudi Aramco’s 2019 IPO.
In recent months, crypto companies have increasingly launched products tied to SpaceX and other private technology companies ahead of potential public listings. In March, tokenized equities platform xStocks partnered with Fundrise to bring a fund holding private shares in companies including SpaceX, Anthropic and Databricks onchain.
In April, crypto exchange Bitget launched IPO Prime, a platform for pre-IPO investment products, starting with a SpaceX-linked offering called preSPAX. The product gave retail users economic exposure tied to the company’s potential public debut without direct ownership of the underlying shares.
On Wednesday, an SEC filing showed SpaceX held 18,712 Bitcoin (BTC) purchased at an average of $35,320 per coin, more than the 11,509 Bitcoin held by Tesla.
If the company were publicly traded today, it would rank seventh among public corporate Bitcoin holders, ahead of Coinbase Global’s 16,492 Bitcoin and behind Bullish’s 24,300, according to industry data.
Top 10 Bitcoin treasury companies. Source: BitcoinTreasuries.NET
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