Designed to democratize access beyond traditional private market participants, Pre-IPO Perpetual Contracts allow users to trade expected valuations ahead of public listings
Binance today announced the launch of perpetual futures contracts designed to give users early market exposure to high-profile private companies ahead of their initial public offerings (IPOs). The new product enables users to take positions on shares before they begin trading on public exchanges, opening access to one of the most closely watched moments in global markets.
The first Pre-IPO Perpetual Contract to go live on Binance Futures will be SPCXUSDT Pre-IPO Perpetual, based on the anticipated public market valuation of Space Exploration Technologies Corp (“SpaceX”). Additional Pre-IPO perpetual listings will be introduced over time.
The launch also reflects Binance’s broader vision of building a financial super app that gives users seamless access to a wider range of financial opportunities through crypto-native infrastructure. By expanding beyond traditional digital asset use cases and connecting users to major market moments, Binance continues to evolve its platform into a more comprehensive gateway for global finance.
“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. As interest in public listings continues to grow, we’re giving users a more flexible way to engage with anticipated IPOs earlier,” commentedShunyet Jan, Head of Spot and Derivatives Business at Binance. “This launch reflects our vision for Binance as a financial super app — one that offers access to an expanding range of financial opportunities that have traditionally been more difficult to reach.”
Historically, pre-IPO price discovery has been largely limited to institutional investors and private market participants. Binance’s latest offering democratizes that access by enabling a global base of eligible users to engage with market expectations ahead of a company’s public debut. By leveraging crypto-native infrastructure, Binance is helping reduce many of the traditional barriers associated with pre-IPO participation.
Built on perpetual futures rails familiar to digital asset traders, the contracts are designed to offer continuous pricing, trading flexibility, and deep liquidity. Rather than waiting for a stock’s public debut, users can trade on expectations before final IPO pricing and beyond, turning a single market event into an active, real-time trading opportunity shaped by evolving sentiment.
How Pre-IPO Perpetuals work: Ahead of an IPO, the contracts are expected to reflect publicly available pricing signals, including announced price ranges and final offering prices. Once the underlying company begins trading on public markets, the contracts will transition to reflect live market performance. In the event that an IPO is postponed or canceled, Binance will provide advance notice of any delisting and settle contracts according to a transparent process designed to support a consistent user experience. Binance may transition the contract into a standard TradFi perpetual contract framework once it determines that a stable mark price can be derived for the underlying asset.
First Listing Details: SPCXUSDT Pre-IPO Perpetual is the first Pre-IPO futures contract to be listed on Binance and is expected to provide eligible users with exposure to market expectations surrounding SpaceX ahead of its public listing. The contract will be margined and settled in USDT. Additional information on leverage, tick size, funding rate and listing time can be found here.
Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Pre-IPO Perps are subject to high market risk and price volatility. There may be particularly high volatility following official listing and the price may remain lower than the final IPO price. There is no guarantee that the IPO in respect of a share will proceed. You may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. All of your margin balance may be liquidated in the event of adverse price movement. Past performance is not a reliable predictor of future performance. Pre-IPO Perps do not represent ownership of the relevant underlying share. Pre-IPO Perps are not associated or affiliated with, or sponsored or endorsed by, the issuer of the relevant underlying shares. Before trading, you should make an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisers, where appropriate. This information should not be construed as financial or investment advice. To learn more about how to protect yourself, visit our Responsible Trading page. For more information, see our Terms of Use, Exchange Rules, Clearing Rules, Exchange Procedures, Clearing Procedures, Contract Specifications and Risk Warning.
About Binance
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