Cryptocurrency exchange Bitget has introduced IPO Prime, a proxy product that links retail exposure to the pre-IPO phase of Elon Musk’s SpaceX. The program’s inaugural instrument is preSPAX, a token issued by Republic designed to provide economic exposure tied to SpaceX’s performance after any future IPO. Bitget emphasized that preSPAX does not represent direct ownership of SpaceX shares and that SpaceX has neither endorsed nor authorized the offering.
The rollout highlights a growing trend of crypto platforms tokenizing traditionally hard-to-access investment opportunities so users can trade them around the clock. The announcement comes amid reports that SpaceX filed confidentially for an IPO, with reported target valuations in the roughly $1.75 trillion to over $2 trillion range, although the company has not publicly confirmed any filing.
Bitget said preSPAX will be available where the exchange is compliant, via a subscription model with tiered allocations. The subscription window is scheduled for April 18–21, with allocation distributions on April 21 and over-the-counter trading beginning later that same day. Bitget CEO Gracy Chen told Cointelegraph that VIP customers will receive early access through two exclusive pre-launch airdrop rounds ahead of the general rollout.
Bitget framed the product as widening access to private-market-style returns: tokenization, the company said, has opened pre-IPO exposure beyond traditional, limited circles. preSPAX is positioned as the platform’s first offering in what Bitget describes as a broader program of similar opportunities to come this year.
Similar tokenized pre-IPO offers have appeared across the crypto-native ecosystem from projects such as PreStocks, Orderbook and Republic. Established private-market and pre-IPO services in traditional finance include Nasdaq Private Market, Hiive, Forge Global and EquityZen, which cater to institutional and accredited investors.
Bitget presents IPO Prime as a new route into TradFi assets and a step toward its “universal exchange” goal of converting more traditional instruments into tokenized formats. Other exchanges have pursued comparable expansion: Bitpanda has broadened its offering to roughly 10,000 stocks and ETFs; Kraken announced a phased national rollout in April 2025 of some 11,000 U.S.-listed stocks and ETFs with commission-free trading; and Coinbase launched stock trading and rebranded its wallet as an “everything app” in late 2025 to enable continuous trading across asset types.
Industry observers, including research firm Delphi Digital, frame this evolution as part of a “super app” race or an “aggregation era,” in which platforms that combine the broadest product mixes and largest user bases capture increasing market value as traditional finance and crypto converge.