Elon Musk’s SpaceX Is Nearing Its $1.75 Trillion IPO—Bitget Is Offering Pre-IPO Exposure

In brief

Bitget launched IPO Prime, a platform offering tokenized exposure to pre-IPO companies.
The first offering is preSPAX, a Republic-issued token tied to SpaceX’s post-IPO performance.
The token provides economic exposure without equity ownership, voting rights, or company endorsement.

Cryptocurrency exchange Bitget launched IPO Prime on Friday, debuting the platform with preSPAX—a token that provides retail investors exposure to SpaceX’s future public market performance.

The Republic-issued token offers economic upside tied to SpaceX’s eventual IPO or acquisition, marking a new intersection between crypto infrastructure and traditional pre-IPO investing.

The preSPAX token mirrors potential economic gains from SpaceX upon a qualifying event like an IPO, but grants no equity, voting rights, or ownership in the company. SpaceX has not endorsed or authorized the offering, the same report notes. The subscription window will open from April 18-21, with token distribution and OTC trading scheduled to begin once it closes.

“IPO Prime allows users to participate earlier in a company’s growth cycle, with the flexibility of continuous trading,” said Bitget CEO Gracy Chen, in a statement. “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 comes as SpaceX moves 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. SpaceX currently trades at a $1.43 trillion valuation on the Nasdaq Private Market, a secondary venue for private company shares.

Traders on Myriad—a prediction market platform operated by Decrypt‘s parent company, Dastan—strongly believe that SpaceX’s IPO will yield a market cap above $1.3 trillion at the end of the first day of trading, currently penciling in 88% odds.

Bitget’s entry into tokenized pre-IPO investing reflects broader convergence between crypto and traditional markets. The Seychelles-based exchange, which claims 125 million users, already offers tokenized stocks, ETFs, commodities, and forex alongside cryptocurrencies. Republic previously launched its own rSPAX Mirror Tokens on Solana, offering similar SpaceX exposure.

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 and Forge Global dominate traditional secondary trading. Major exchanges are expanding their offerings, too, with Coinbase and Kraken offering stock trading options.