Designed
to democratize access beyond traditional private market participants, Pre-IPO
Perpetual Contracts allow users to trade expected valuations ahead of public
listings
May
22, 2026 : 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,” commented
Shunyet 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
Binance
is a leading global blockchain ecosystem behind the world’s largest
cryptocurrency exchange by trading volume and registered users. Binance is
trusted by more than 310 million people in 100+ countries for its
industry-leading security, transparency, trading engine speed, protections for
investors, and unmatched portfolio of digital asset products and offerings from
trading and finance to education, research, social good, payments,
institutional services, and Web3 features. Binance is devoted to building an
inclusive crypto ecosystem to increase the freedom of money and financial
access for people around the world with crypto as the fundamental means. For
more information, visit: https://www.binance.com.