Coinbase has launched pre-IPO perpetual futures, with SpaceX as the first market, giving eligible traders outside the United States synthetic price exposure to private companies before they list publicly. The product is built as a USDC-settled perpetual futures contract. It trades 24/7, has no expiry, and lets users open or close positions like other perps on Coinbase. If SpaceX completes an IPO, the contract is designed to transition into a SpaceX stock perp without traders needing to roll into a new market.