Cryptocurrency exchange Bitget has launched IPO Prime, a platform offering tokenized exposure to pre-IPO companies. Its first offering is preSPAX, a Republic-issued token tied to the post-IPO economic performance of Elon Musk’s SpaceX. The token provides economic exposure without granting equity, voting rights, or ownership, and SpaceX has not endorsed the offering. The launch comes as SpaceX confidentially filed for an IPO targeting a $1.75 trillion valuation.
The cryptocurrency exchange Bitget launched IPO Prime on Friday, debuting the platform with a token offering exposure to SpaceX‘s future public market performance. The first asset is preSPAX, a Republic-issued token that mirrors potential economic gains from SpaceX upon a qualifying event like an IPO.
The preSPAX token offers economic upside tied to SpaceX‘s eventual IPO or acquisition, but grants no equity, voting rights, or ownership in the company. SpaceX has not endorsed or authorized the offering, according to the report.
“IPO Prime allows users to participate earlier in a company’s growth cycle, with the flexibility of continuous trading,” said Bitget CEO Gracy Chen. “This shifts how and when investors can engage with emerging companies, which gives retailers and new investors a chance to buy in early.”
The token launch coincides with SpaceX moving toward a public listing. The company confidentially filed with the SEC on April 1, targeting a June 2026 IPO with a valuation of $1.75 trillion while seeking to raise over $75 billion.
Traders on the prediction market platform Myriad currently pencil in 88% odds that SpaceX’s IPO will yield a market cap above $1.3 trillion on its first trading day. SpaceX currently trades at a $1.43 trillion valuation on the Nasdaq Private Market.
Bitget‘s entry reflects broader convergence between crypto and traditional markets, as the exchange already offers tokenized stocks, ETFs, and commodities. Republic previously launched similar rSPAX Mirror Tokens on Solana.
The space faces growing competition from both crypto and traditional players. Solana-based PreStocks offers comparable pre-IPO tokens, while established venues like Nasdaq Private Market dominate traditional secondary trading.
