Binance Launches Pre-IPO Perpetuals Tied to SpaceX, a Bet on a $2 Trillion Valuation

Binance has launched a derivatives product that allows traders to bet on SpaceX’s valuation ahead of a public listing.

CoinDesk reported on May 21 that Binance rolled out Pre-IPO Perpetual Contracts, which let users trade on expected valuations of private companies. The first product is SPC X USDT, linked to Elon Musk’s space company SpaceX.

The contract uses Tether’s USDT stablecoin for margin and settlement. Its price is based on SpaceX’s expected market value.

Before an IPO, the contract will trade on publicly available information, including private funding rounds and any indicated IPO price range. After a listing, it will switch to tracking moves in the company’s actual share price.

With the new product, Binance is seeking to open the pre-IPO investment market, long dominated by institutional investors and venture capital firms, to retail traders. Shunyet Jan, Binance’s head of spot and derivatives, said the contracts combine crypto infrastructure with major financial events to expand market access. The launch also reflects Binance’s vision of becoming a financial super app that gives users access to a broader range of financial opportunities.

Separately, SpaceX filed an S-1 registration statement with the U.S. Securities and Exchange Commission on May 20. The company’s valuation has been discussed at around $2 trillion. Reuters recently reported that SpaceX is pursuing a listing targeting a valuation of $1.75 trillion.