Cryptocurrency exchange Binance has launched a new product allowing retail traders to speculate on the value of private companies before they go public, beginning with a perpetual futures contract linked to Elon Musk’s SpaceX (SPCXUSDT Pre-IPO Perpetual).
The world’s largest cryptocurrency exchange said the move would give users exposure to high-profile private firms that are typically accessible only to venture capital investors and wealthy institutions. The contracts do not grant ownership of shares and instead track the expected valuation of the underlying company.
Growing interest in pre-IPO trading products
The launch comes amid surging interest in so-called pre-IPO trading products across the crypto sector, according to the press release. Rival exchanges including BingX and BTCC have recently introduced similar SpaceX-linked perpetual futures contracts, while platforms such as Trade.xyz and Hyperliquid have reported strong speculative demand.
Perpetual futures are derivative contracts with no expiry date that allow traders to take leveraged bets on whether prices will rise or fall. In crypto markets, they are commonly used for round-the-clock speculation and can involve sharp price swings.
Binance said the product was intended to expand access to “future-valued assets” and deepen links between crypto trading and traditional finance. The exchange has increasingly pushed into tokenised and synthetic versions of conventional financial assets, having earlier launched perpetual contracts tied to gold and silver prices.
Regulatory check coming?
The development is likely to attract regulatory scrutiny because the contracts are tied to private companies whose shares are not publicly traded, according to some reports.
SpaceX, Musk’s rocket and satellite company, remains privately held but has been widely tipped as a future stock market candidate. Secondary market estimates have recently valued the company at well above $1tn, although no formal IPO plans have been announced.
