Binance Launches New Futures Ahead of SpaceX IPO
The world's largest cryptocurrency exchange, Binance, has launched perpetual futures contracts linked to the anticipated valuation of private companies before they go public. The first product in this series is dedicated to Elon Musk's SpaceX, with settlements conducted in Tether (USDT). This is according to Cointelegraph.com reports.
According to Binance, Pre-IPO perpetual contracts reflect public indicators such as announced valuation ranges and final offering prices before company shares begin trading on an exchange. Once listed, these contracts will transition to tracking live market prices. The first contract, named SPCXUSDT, allows users to speculate on the company's value without directly owning shares.
The anticipated SpaceX IPO could be one of the largest in U.S. market history. Reports suggest the company is targeting a valuation of over $1.75 trillion and is expected to raise up to $75 billion. This figure is significantly higher than the $29 billion record set by Saudi Aramco in 2019.
In recent months, financial products linked to SpaceX and other tech giants have been gaining popularity in the crypto industry. Previously, the Bitget exchange also introduced a similar preSPAX product. Furthermore, according to SEC filings, SpaceX holds 18,712 Bitcoin on its balance sheet, which is significantly more than the 11,509 BTC held by Tesla.
