Binance, the world’s largest crypto exchange, has launched perpetual futures contracts linked to SpaceX’s expected valuation ahead of the company’s planned initial public offering. The product is called the SPCXUSDT Pre-IPO Perpetual Contract and is settled in Tether’s stablecoin USDT.
First Pre-IPO Perpetual on Binance Futures: SpaceX.
Trade SPCXUSDT before the IPO day.
https://t.co/F2EfdofiqR pic.twitter.com/Mz3IfKUPAy
— Binance (@binance) May 21, 2026
The contracts do not give traders ownership of SpaceX shares. Instead, they allow users to speculate on what the company might be worth when it eventually lists on a public stock exchange.
Pricing for the contracts will be based on publicly available information, including announced valuation ranges and IPO pricing data. Once SpaceX begins trading publicly, the contracts will shift to tracking the live share price.
Shunyet Jan, Head of Spot and Derivatives at Binance, said the product is part of the exchange’s push to give retail traders access to investment opportunities that were previously only available to institutions and venture capital firms.
Jan described it as part of Binance’s broader goal to become a “financial super app.”
If an IPO is delayed or canceled, Binance says those contracts may be delisted and settled through a separate process.
SpaceX confidentially filed for an IPO with the US Securities and Exchange Commission in April. The company confirmed plans to sell shares to the public this week, with reports suggesting the listing could happen as early as June.
The company could seek a valuation above $1.75 trillion and raise as much as $75 billion. That would make it one of the largest IPOs in US history, surpassing Saudi Aramco’s $29 billion raise in 2019.
Traders on prediction platform Polymarket currently put a 70% probability on SpaceX reaching a $2 trillion market cap at launch.
An SEC filing this week revealed SpaceX holds 18,712 Bitcoin, bought at an average price of around $35,320 per coin. That puts SpaceX ahead of Tesla, which holds 11,509 Bitcoin.
If SpaceX were publicly traded today, it would rank seventh among public corporate Bitcoin holders. It would sit behind Bullish’s 24,300 Bitcoin and ahead of Coinbase’s 16,492 Bitcoin.
Binance’s launch follows similar moves from other crypto platforms. Bitget launched a SpaceX pre-IPO product called preSPAX in April. OKX, Crypto.com, and Hyperliquid have also introduced comparable pre-IPO trading products in recent weeks.
Tokenized equities platform xStocks also partnered with Fundrise in March to bring a fund holding private shares in SpaceX, Anthropic, and Databricks onchain.
SpaceX’s first quarter revenue was reported at $4.69 billion, with a net loss of more than $4.2 billion.
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