Cryptocurrency exchange Bitget has introduced IPO Prime, a proxy product tied to the pre-IPO phase of Elon Musk’s SpaceX. The program debuts with preSPAX, a token issued by Republic intended to provide retail investors economic exposure linked to SpaceX’s post-IPO performance. Bitget stressed the token does not confer direct ownership of SpaceX shares and that SpaceX has not endorsed or authorized the offering.
The launch underscores a broader trend of crypto platforms tokenizing traditional investment opportunities to give users 24/7 access to assets that have typically been difficult for retail investors to reach. The announcement follows reporting that SpaceX filed confidentially for an IPO, with valuation targets reported between about $1.75 trillion and over $2 trillion, though the company has not publicly confirmed a filing.
Bitget said preSPAX will be available in jurisdictions where the exchange is compliant via a subscription model with tiered allocations. The subscription window runs from April 18 to April 21, with allocation distribution on April 21 and over-the-counter trading set to begin later that day. Bitget CEO Gracy Chen told Cointelegraph that VIP users will get early access through two exclusive pre-launch airdrop rounds before the wider rollout.
“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,” Bitget said.
Similar pre-IPO and tokenized stock offerings have emerged in the crypto-native space from projects such as PreStocks, Orderbook and Republic. Traditional finance competitors in the pre-IPO and private markets include Nasdaq Private Market, Hiive, Forge Global and EquityZen.
Bitget frames the new platform as a “new route” into traditional finance and a step toward its “universal exchange” goal of bringing more TradFi assets into tokenized formats. Other exchanges have pursued comparable strategies: Bitpanda expanded to roughly 10,000 stocks and ETFs, Kraken rolled out 11,000 U.S.-listed stocks and ETFs with commission-free trading in a phased national rollout in April 2025, and Coinbase launched stock trading in late 2025 while rebranding its wallet app as an “everything app” to enable continuous trading across asset types.
Industry observers such as Delphi Digital describe this shift as part of a “super app” race and an “aggregation era,” where platforms that offer the broadest mix of products and the largest user bases capture increasing value as markets converge.