Cryptocurrency exchanges BingX and Bitget have both launched tokenized products offering synthetic exposure to SpaceX ahead of its potential initial public offering (IPO) in 2026. This move taps into the growing trend of real-world asset (RWA) tokenization, aiming to provide retail crypto investors with access to high-profile private equity markets traditionally reserved for institutions.
BingX introduced its offering through its Xpool staking and reward system. Users can stake assets like USDT to earn "SpaceX Points," which are later redeemable for the SpaceX Pre-IPO token in a limited airdrop format. The company described the initiative as a way to give users indirect exposure to private equity assets, using a structure similar to a Special Purpose Vehicle (SPV). Entry levels for such offerings can be as low as 10 USDT.
Concurrently, Bitget launched a new platform called IPO Prime, with its first listing being the preSPAX token, issued by Republic. This token is designed to track SpaceX's post-IPO performance. Bitget plans to distribute tokens via a subscription model from April 18 to April 21, 2026, with secondary market trading expected to begin on April 21. Allocations will be determined by a tiered system.
Both products explicitly do not confer direct ownership, voting rights, or dividends from SpaceX shares. They are synthetic instruments that provide economic exposure to potential valuation changes. The launches align with recent reports, including from Reuters, that SpaceX has confidentially filed for an IPO, with a potential roadshow beginning in June 2026. The company is reportedly targeting a valuation between $1.75 trillion and over $2 trillion, which could make it one of the largest IPOs ever, with a capital raise potentially reaching $75 billion.
This activity is part of a broader industry shift where crypto exchanges like Bitpanda, Kraken, and Coinbase are expanding into traditional assets, aiming to become "universal exchanges." However, these tokenized offerings carry specific risks, including regulatory uncertainty, potential pricing divergence from the underlying asset, and a reliance on secondary market liquidity for accurate tracking.
