Binance has launched a perpetual futures product that lets users bet on the expected pre-IPO valuation of unlisted companies, Cointelegraph reported. The first product is tied to SpaceX and is settled in tether's USDT.
The report said the pre-IPO perpetual futures are designed to reflect disclosed IPO price indicators, valuation ranges and the final offering price. After listing, it switches to tracking real-time market prices.
The first product, called the SPCXUSDT Pre-IPO Perpetual, is linked to SpaceX’s expected valuation. Additional pre-IPO futures products will be launched in sequence. The product is structured to invest in expected valuations before and after listing, rather than ownership of the underlying shares.
If a listing is delayed or cancelled, the futures contract could be delisted and settled under separate procedures, Binance said.
SpaceX filed confidentially for an IPO with the U.S. Securities and Exchange Commission in April and is expected to list as early as June.
Chi-gyu Hwang
delight@d-today.co.kr