Crypto exchanges offer SpaceX pre IPO futures before $75B listing
SpaceX is prepping for a massive $75 billion IPO, and crypto exchanges like Binance and Coinbase are letting people trade "pre-IPO perpetual futures": basically, you can bet on SpaceX's share price before it actually hits the stock market.
These trades use the company's latest valuation instead of real shares, and offer leverage between 3x and 5x.
SpaceX futures $3.2B trading, Binance $2.1B
Between May 17 and Wednesday, these SpaceX futures saw $3.2 billion in trading volume across eight platforms, with Binance alone making up $2.1 billion.
Prices slid from over $200 to $160 in less than a month as regulators started paying closer attention.
The World Federation of Exchanges has raised concerns about whether traders really understand these products, saying it will "work this issue into our dialogue with regulators."