The crypto exchange's new pre-IPO futures product lets traders speculate on SpaceX’s expected public market valuation before the company begins trading on public exchanges. Binance launched perpetual futures contracts tied to the expected valuations of private companies ahead of their public listings, starting with a SpaceX-linked product settled in Tether's USDt (USDT). Binance said pre-IPO perpetual contracts are expected to reflect publicly available IPO pricing indicators, including announced valuation ranges and final offering prices, before a company begins trading publicly. After a listing, the contracts would transition to tracking live market prices. The first contract, SPCXUSDT Pre-IPO Perpetual, is tied to SpaceX's expected public market valuation, with additional pre-IPO perpetual contracts to follow over time. The products do not represent ownership of the underlying shares and instead allow traders to speculate on expected valuations before and after a company’s public debut. According to Binance, contracts may later transition into a more standard perpetual futures structure once a stable reference price can be derived from the publicly traded shares. Contracts tied to IPOs that are delayed or canceled may also be delisted and settled under a separate process outlined by the exchange. Related: Senator Elizabeth Warren questions Elon Musk about X Money The launch comes as Elon Musk’s aerospace company prepares for a public listing that could become one of the largest IPOs in US market history. In April, SpaceX confidentially filed for an initial public offering with the US Securities and Exchange Commission and could move forward with the listing as early as June. This week, the company confirmed plans to sell shares of its stock to the public.