Bitget launches preSPAX token for SpaceX IPO exposure

Bitget has launched preSPAX on its IPO Prime platform. The token, issued by Republic, is designed to give retail investors economic exposure tied to SpaceX’s performance after any eventual public offering. preSPAX does not provide direct ownership of SpaceX shares, and SpaceX has not approved, endorsed or authorized the product.

The subscription window for preSPAX runs from April 18 through April 21. Distributions are scheduled for April 21, and over-the-counter trading is planned to begin later that day. In its latest Bitget review of the offering, the exchange said preSPAX will be available only in jurisdictions where the exchange is compliant and will use a subscription-based, tiered allocation system that lets users apply for positions. VIP customers will receive early access via two pre-launch airdrop rounds before the wider rollout.

Republic issues the token and aims for it to track the economic performance of SpaceX following any public listing. Holders will not receive equity, voting rights or other shareholder entitlements. Bitget reiterated that SpaceX has not authorized the tokenized product.

Reports have suggested SpaceX may have confidentially filed for an initial public offering, with reported valuation targets ranging from $1.75 trillion to more than $2 trillion. SpaceX has not publicly confirmed any filing.

The launch is part of a broader trend in which crypto platforms create tokenized versions of traditional finance products to offer retail access and continuous trading. Bitget described the IPO Prime platform as a route to bring traditional assets into tokenized wrappers as it expands its product range.

Crypto-native projects offering similar pre-IPO exposure include PreStocks and Orderbook. Established private-market services that handle pre-public offerings include Nasdaq Private Market, Hiive, Forge Global and EquityZen. Several crypto exchanges have also expanded equities and ETF offerings in recent years.

Gracy Chen, Bitget’s CEO, described tokenization as widening access to pre-IPO opportunities and said, “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. preSPAX is our first offering and we will be bringing more such opportunities to our users this year.”

Availability of preSPAX will depend on local regulatory requirements and the allocation specifics set by Bitget and Republic.