Binance pre-IPO SpaceX contract just launched on the exchange. The new product enables traders to make predictions about private companies before they go public.
The first “Pre-IPO Perpetual Contract” is tied to Elon Musk’s rocket and satellite company, SpaceX.
Binance pre-IPO SpaceX contract: how it works
Binance Futures introduced the SPCXUSDT perpetual contract. It settles in Tether (USDT). The product allows users to trade based on the anticipated market price of SpaceX before its public listing.
Typically, pre-IPO options are available only to institutional entities and VCs. However, Binance aims to bring these offerings to retail crypto traders.
Shunyet Jan, Head of Spot and Derivatives Business at Binance, remarked on the launch. “Pre-IPO perpetual futures is another example of how Binance is democratizing access to market opportunities by combining crypto-native infrastructure with major financial events,” he said.
He added that as interest in public listings grows, Binance gives users a more flexible way to engage with anticipated IPOs earlier. Furthermore, he noted that this launch is part of Binance’s mission to become a “financial super app.”
How will the pricing work?
Pricing for these contracts is based on publicly available information before the IPO. This includes fundraising rounds, private valuations, and expected offering ranges. Once the company lists on a public exchange, the perpetual contract will move to the current share price.
This launch follows reports that SpaceX acquired 18,712 BTC at an average price around $35,000. The company still held that stash when it filed an S-1 with the SEC.
The filing also showed first‑quarter sales of $4.69 billion and a net loss of more than $4.2 billion. Nevertheless, many expect SpaceX’s IPO valuation to exceed $2 trillion.
Traders on Polymarket currently price in a 70% likelihood of a $2 trillion marketcap. Earlier, SpaceX confidentially filed for an IPO at a $1.75 billion valuation, according to reports.
Competition heats up
In recent weeks, other platforms such as OKX, Crypto.com, and Hyperliquid have also launched similar trading platforms. Binance’s move, however, brings pre‑IPO trading to a massive retail audience.
