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Binance has launched perpetual futures that allow users to trade the anticipated valuations of private companies before they go public.
Key facts
SpaceX filed its S-1 registration statement with the Securities and Exchange Commission (SEC) on Wednesday, disclosing holdings of 18,712 BTC at a cost basis of roughly $35,000 per bitcoin
Traders on the decentralized betting platform Polymarket are pricing in more than a 70% chance that the IPO will ultimately close above $2 trillion — It could be more than a coincidence that bitcoin's price rally ran out of steam at around $80,000 a week ago and prices have since pulled back to under $78,000
Deepwater Asset Management’s Gene Munster captured the sentiment on X, noting that SpaceX’s blockbuster IPO filing on Wednesday “sucked the air out of the NVDA quarter,” even as the AI chipmaker
Summary
Binance is launching a SpaceX-linked “Pre-IPO Perpetual Contract,” letting retail traders speculate on the rocket maker’s valuation before its expected Nasdaq debut. SpaceX’s blockbuster IPO, which could value the company near or above $1.75 trillion, is already spawning rival pre-IPO markets and raising concerns that it may siphon capital and attention from bitcoin, major cryptocurrencies and other equities. The "Pre-IPO Perpetual Contracts" are designed to provide retail traders with early exposure to high-profile initial public offerings (IPOs), a market segment historically reserved for institutional investors and venture capital firms. The move marks the expansion of Binance's derivatives product suite into traditional finance territory.