A crypto exchange is letting you trade SpaceX at 5x leverage before it goes public. What could go possibly go wrong?

Kraken launched SPCX, a pre-IPO perpetual contract that allows traders to take positions on SpaceX with up to 5x leverage.

Kraken, the cryptocurrency exchange, said in an announcement that SPCX is now live and that the product offers a way to gain exposure to SpaceX without waiting for a public listing.

SpaceX is one of the most sought-after private companies in the world, and Kraken positioned SPCX as the first route for retail and professional traders to take a directional position on the company ahead of its IPO.