Bitget has launched IPO Prime, a new market offering tokenized pre-IPO exposure, with its first product being preSPAX, a synthetic asset tied to SpaceX post-listing economic performance.
The Seychelles-based exchange announced the product on Friday. Republic, a regulated platform specializing in tokenized private market access, powers the offering.
How preSPAX Works and What It Does Not Offer
preSPAX mirrors the economic upside of SpaceX upon a qualifying event such as an IPO or acquisition. It does not grant equity, voting rights, or ownership in SpaceX.
Neither Elon Musk nor the company (SpaceX) has endorsed or authorized the product.
Republic previously launched its own rSPAX Mirror Tokens on Solana in June 2025, offering retail investors exposure to SpaceX for as little as $50.
That product similarly functions as a debt instrument issued by RepublicX, not direct shares.
The subscription window for preSPAX on Bitget runs from April 18 at 18:00 UTC to April 21 at 18:00 UTC.
Allocations depend on VIP tier, with higher levels receiving larger limits. Two exclusive airdrop rounds for eligible VIP users begin April 13.
The token launches April 21 at 12:00 UTC, with distribution between 18:00 and 22:00 UTC. After distribution, preSPAX moves to an over-the-counter market on Bitget for continuous trading.
Timing Meets SpaceX IPO Speculation
The launch arrives as SpaceX IPO speculation intensifies. The company confidentially filed with the SEC on April 1, targeting a June 2026 listing that could raise over $75 billion at a valuation between $1.5 trillion and $2 trillion.
Bitget CEO Gracy Chen framed IPO Prime as part of the exchange broader Universal Exchange (UEX) strategy.
IPO Prime allows users to participate earlier in a company growth cycle, with the flexibility of continuous trading,” said Chen.
Bitget claims 125 million users and already offers tokenized stocks, ETFs, commodities, and forex alongside crypto.
Whether synthetic pre-IPO tokens deliver meaningful value or simply add new layers of counterparty risk remains an open question as more exchanges explore similar products.
