Tokenized access to SpaceX’s IPO upside

Bitget has launched IPO Prime, a new tokenized investment platform offering retail traders exposure to SpaceX’s anticipated public listing through a Republic-issued pre-IPO token tied to the company’s future valuation.

The first product on the platform, preSPAX, provides users with economic exposure to SpaceX’s potential IPO performance, without granting equity ownership, voting rights, or any direct claim on the company. SpaceX has not endorsed or authorized the offering.

The token is structured to mirror potential upside tied to a qualifying event such as an IPO or acquisition, with subscription set to open between April 18 and April 21, followed by OTC trading after distribution.

Bitget CEO Gracy Chen said the initiative aims to expand access to private-market opportunities, noting that IPO Prime allows users to participate earlier in a company’s growth cycle with more flexible trading options.

The platform already supports tokenized exposure to traditional assets including stocks, ETFs, commodities, and forex, positioning it as part of a broader push to merge crypto infrastructure with conventional financial markets.

SpaceX moves closer to potential public debut

The launch comes as SpaceX, founded by Elon Musk, moves toward a potential public listing. According to reports, the company filed confidentially with the U.S. Securities and Exchange Commission on April 1, targeting a possible June 2026 IPO at a valuation of around $1.75 trillion, with plans to raise more than $75 billion.

The company’s secondary-market valuation currently stands at approximately $1.43 trillion, according to Nasdaq Private Market data.

Prediction markets on Myriad also suggest strong expectations for a blockbuster debut, with traders pricing in an 88% probability that SpaceX will exceed a $1.3 trillion valuation on its first trading day.

Bitget’s move places it in a growing field of platforms experimenting with tokenized private equity exposure. Similar offerings have emerged from Republic, which previously introduced Solana-based rSPAX Mirror Tokens, as well as competing crypto-native platforms such as PreStocks.

Traditional players are also expanding in the same direction, with venues like Nasdaq Private Market and Forge Global facilitating private share trading, while exchanges such as Coinbase and Kraken increasingly explore tokenized or hybrid equity offerings.

A broader shift toward tokenized private markets

The launch of IPO Prime reflects a wider trend of convergence between crypto infrastructure and traditional finance, where tokenization is increasingly used to unlock access to private, high-growth companies.

By packaging pre-IPO exposure into blockchain-based instruments, platforms like Bitget are betting on a future where retail investors can access late-stage private companies without the traditional barriers of accredited investor status or illiquid lockup periods.

If successful, the model could reshape how early-stage public market exposure is distributed—turning highly exclusive private valuations into continuously tradable crypto-native assets.