Bitget to list SpaceX pre‑IPO token
Bitget is launching a pre‑IPO SpaceX token called $preSPAX on its IPO Prime product on Solana on April 18, drawing early hype for tokenised private‑market exposure. The move highlights continuing appetite for exotic, internet-native access to private companies. (x.com) (coingape.com)
A crypto exchange is about to sell something that looks like a shortcut into SpaceX before most people can buy SpaceX stock. Bitget said on April 10 that its new IPO Prime market will open with a Solana-based token called preSPAX, with subscriptions starting on April 18. (bitget.com) This is not a SpaceX share. Bitget’s own launch post says preSPAX gives “pre-initial public offering exposure” to SpaceX through a Republic-issued structure, not direct equity in Elon Musk’s company. (bitget.com) That distinction is the whole story. BeInCrypto reported that preSPAX holders get no equity, no voting rights, and no direct relationship with SpaceX, which means buyers are purchasing a contract tied to an outcome rather than a slice of the company itself. (beincrypto.com) Bitget is packaging that contract like a crypto launch. The company said users subscribe during a window, receive allocations, and then trade the token in an over-the-counter market on the platform the same day the offer opens. (bitget.com) The pitch works because real SpaceX stock is still locked behind private markets. CNBC reported in December 2024 that a secondary share sale valued SpaceX at about $350 billion, and those insider sales were available to employees and approved investors, not ordinary retail traders. (cnbc.com) Now there is fresh fuel for the hype. Reuters, via CNBC on April 7, reported that SpaceX has laid out initial public offering details and is targeting an early June 2026 roadshow, so Bitget is launching its token just weeks before a possible formal investor tour. (cnbc.com) That timing makes preSPAX feel like a ticket to the rope line outside a sold-out concert. You are close to the event, but you are still outside the venue unless the legal structure behind the token delivers exactly what it promises. (decrypt.co) The legal backdrop is still unsettled. The United States Securities and Exchange Commission said in a January 28, 2026 statement that tokenized securities remain subject to the federal securities laws, which means putting an asset on a blockchain does not remove the old investor-protection rules. (sec.gov) That is why crypto firms keep stressing words like “economic exposure” and “proxy.” Cointelegraph reported that Bitget described preSPAX as a Republic-issued token tied to SpaceX’s post-listing performance, which is a careful way of saying the token tracks the company without claiming to be the company’s stock. (cointelegraph.com) If this model catches on, SpaceX is probably just the first name in line. Bitget said IPO Prime is meant for “global unicorn companies,” so the bigger bet is that crypto exchanges want to turn private-company speculation into a 24-hour retail product long before Wall Street opens the book. (bitget.com)
