Bitget launches preSPAX token tied to SpaceX IPO

Bitget has launched IPO Prime and introduced preSPAX, a Republic-issued token that offers retail investors economic exposure linked to SpaceX’s future public-market performance. The subscription window for preSPAX runs from April 18 through April 21. Token distribution and over-the-counter trading are scheduled to begin after the subscription period ends.

preSPAX is structured to mirror gains or losses tied to a qualifying event such as an initial public offering or an acquisition. The token does not confer equity, voting rights or ownership in SpaceX, and SpaceX has not authorized or endorsed the offering.

The token is intended to track SpaceX’s post-IPO economic performance rather than deliver shares. Bitget said the IPO Prime platform will enable continuous trading after tokens are distributed, allowing holders to buy and sell positions on the exchange’s over-the-counter market.

SpaceX filed confidentially with the U.S. Securities and Exchange Commission on April 1 and is targeting an initial public offering in June 2026. The confidential filing indicated a potential valuation target near $1.75 trillion and plans to raise more than $75 billion. On private share venues, SpaceX shares currently trade near a $1.43 trillion valuation.

Bitget, a Seychelles-based cryptocurrency exchange that reports 125 million users, already offers tokenized stocks, ETFs, commodities and forex products alongside cryptocurrencies. Republic previously issued rSPAX Mirror Tokens on Solana to provide similar pre-IPO exposure to SpaceX. Other crypto platforms and traditional secondary markets also provide avenues for pre-IPO or secondary share transactions.

Regulatory and market participants treat tokenized pre-IPO instruments as contractual or derivative arrangements that pay out based on a triggering event, rather than as claims on a company’s assets or governance. Investors should consider settlement mechanics, counterparty arrangements and limited regulatory protections that may apply to such tokens.

Gracy Chen, Bitget’s chief executive, described IPO Prime as allowing users to participate earlier in a company’s growth cycle, with the flexibility of continuous trading.