Kraken has launched a pre-IPO perpetual contract for SpaceX, enabling traders to speculate on the company's value before it goes public. The SPCX contract allows for long or short positions with up to 5x leverage and features no expiry, making it a flexible trading option. This contract is cash-settled and utilizes a unique pricing model that includes a synthetic index to derive reference prices, ensuring stability in a potentially volatile market. The contract specifications include a minimum order size of 0.01 SPCX and a tick size of 0.01. The contract will be available globally, excluding certain regions, and is intended for professional clients only. Once SpaceX completes its IPO, Kraken plans to transition the pricing from the synthetic index to a standard tokenized equity model, with updated contract specifications. This launch represents a significant opportunity for traders looking to gain exposure to one of the most valuable private companies in the world before it goes public.