Bitget unveiled IPO Prime on Friday, introducing preSPAX—a digital asset granting retail investors a stake in SpaceX’s future market performance prior to its public offering.
The Republic-issued token links economic benefits to the anticipated SpaceX IPO or acquisition, blending crypto mechanisms with conventional pre-IPO investment strategies. While preSPAX reflects potential financial gains from SpaceX post-IPO, it does not confer equity, voting rights, or ownership; SpaceX has neither endorsed nor authorized this initiative. The subscription period runs April 18-21, followed by token distribution and over-the-counter trading.
“IPO Prime empowers users to engage in a company’s growth trajectory earlier, with the adaptability of ongoing trading,” stated Bitget CEO Gracy Chen. “This changes how investors can interact with emerging businesses, providing early access for both retail and new investors.”
The inaugural asset on Bitget IPO Prime is preSPAX, designed to emulate SpaceX’s post-IPO financial performance.
Launched by Elon Musk in 2002, SpaceX is advancing space exploration through reusable rockets such as Falcon 9 and Starship, with aspirations of making extraterrestrial life a reality.
Coinciding with SpaceX’s move toward an IPO filing, the company confidentially submitted its registration statement to the SEC on April 1. It aims for a June 2026 IPO valuing at $1.75 trillion, seeking over $75 billion in funding. Currently, SpaceX holds a $1.43 trillion valuation on the Nasdaq Private Market.
Traders utilizing Myriad—a prediction platform under Decrypt’s Dastan parent—anticipate SpaceX’s market cap surpassing $1.3 trillion at its IPO debut, attributing an 88% probability to this outcome.
Bitget’s venture into tokenized pre-IPO investment illustrates the growing integration of crypto and traditional markets. Based in Seychelles with a user base of 125 million, Bitget offers digital versions of stocks, ETFs, commodities, forex, alongside cryptocurrencies. Republic previously introduced rSPAX Mirror Tokens on Solana for similar SpaceX exposure.
This domain is becoming increasingly competitive with players from both crypto and traditional sectors. PreStocks on Solana provides analogous pre-IPO tokens, while Nasdaq Private Market and Forge Global lead in conventional secondary trading. Major exchanges are expanding their offerings, such as Coinbase and Kraken’s stock trading services.