Cryptocurrency exchange Bitget has launched IPO Prime, a platform offering tokenized exposure to the pre-IPO phase of Elon Musk’s SpaceX. The first offering, called preSPAX, is a token issued by Republic and provides economic exposure tied to SpaceX’s post-IPO performance but does not confer direct share ownership. The launch coincides with a reported confidential IPO filing by SpaceX, which could target a valuation between $1.75 trillion and over $2 trillion.
The cryptocurrency exchange Bitget has launched IPO Prime, a proxy offering tied to the pre-initial public offering phase of SpaceX. The exchange stated the platform will start with preSPAX, a Republic-issued token designed to give retail users economic exposure to SpaceX’s post-IPO performance.
Bitget confirmed the product does not grant direct ownership of SpaceX shares and that SpaceX has not endorsed the offering. This launch highlights how crypto exchanges are bringing more traditional investment products onto blockchain rails to provide broader access.
Bloomberg reported that SpaceX is said to have confidentially filed for an IPO, with valuation targets from $1.75 trillion to over $2 trillion. The company has not publicly confirmed this move.
The subscription window for preSPAX will run from April 18 to April 21, with distribution and OTC trading starting on April 21. Bitget CEO Gracy Chen said VIP users will receive early access through exclusive pre-launch airdrop rounds.
“Pre-IPO exposure used to be limited to small circles, but tokenization has changed that, providing access to traditional assets that were typically out of reach,” Chen said. The offering is part of Bitget’s “universal exchange” ambitions to bring more TradFi assets under tokenized wrappers.
Other crypto-native companies with similar pre-IPO offerings include Solana-based PreStocks, Orderbook and Republic. Competitors from traditional finance include Nasdaq Private Market, Hiive, Forge Global and EquityZen.
Other large cryptocurrency exchanges have also launched access to TradFi investment products. In January, Vienna-based Bitpanda said it was expanding its offering to include about 10,000 stocks and exchange-traded funds.
In April 2025, Kraken announced the launch of 11,000 US-listed stocks and ETFs with commission-free trading. Coinbase also launched stock trading at the end of 2025 and rebranded its wallet app as an “everything app.”
