Cryptocurrency exchange Bitget has launched a new product called IPO Prime, which provides eligible users with access to tokenized pre-IPO offerings through a subscription model. The inaugural asset for this platform is preSPAX, a digital instrument linked to the economic performance of Elon Musk's aerospace company, SpaceX.
The product, powered by financial technology firm Republic, is built around a tiered subscription system. Eligible users can apply for allocations in tokenized offerings, with allocation limits determined by their user tier. Higher VIP levels gain access to larger thresholds, mirroring a familiar exchange-style structure for private market investing. Once the subscription phase concludes, the digital assets will move into an over-the-counter (OTC) market on Bitget, where they can continue trading, offering a key feature of liquidity not typically associated with traditional pre-IPO investments.
The subscription window for preSPAX is scheduled to run from April 18 to April 21, with distribution and the commencement of OTC trading set for April 21. Bitget CEO Gracy Chen stated that VIP users will receive early access through two exclusive pre-launch airdrop rounds. Chen emphasized the product's goal: "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."
It is important to note that the product does not grant buyers direct ownership of SpaceX shares, and SpaceX has not endorsed, approved, or authorized the offering. The launch coincides with reports that SpaceX has confidentially filed for an IPO, with valuation targets ranging from $1.75 trillion to over $2 trillion, though the company has not publicly confirmed this. SpaceX's current secondary market valuation is approximately $1.54 trillion on the Nasdaq Private Market.
Bitget positions IPO Prime as part of its "universal exchange" ambitions, seeking to bring more traditional finance (TradFi) assets under tokenized wrappers. This move is part of a broader trend among crypto exchanges like Kraken, Coinbase, and Bitpanda, which are expanding into stock and ETF trading to attract a wider investor base and create comprehensive trading platforms.
