Bitget's SpaceX Token Play: How Crypto Exchanges Are Tokenizing Pre-IPO Access

Cryptocurrency exchange Bitget has launched IPO Prime, bringing tokenized pre-IPO exposure to retail traders through preSPAX—a Republic-issued token designed to track SpaceX's post-IPO performance. This marks a significant shift in how crypto platforms are bridging traditional finance and blockchain infrastructure.

The SpaceX Token Blueprint

preSPAX doesn't grant direct ownership of SpaceX shares. Instead, it provides economic exposure tied to the aerospace company's market performance after going public. Bitget was clear on a critical point: SpaceX has not endorsed, approved, or authorized this offering. Still, the timing is strategic—Bloomberg reported that SpaceX has confidentially filed for an IPO with valuation targets ranging from $1.75 trillion to over $2 trillion, though the company hasn't made an official announcement.

The subscription window for preSPAX runs April 18-21, with distribution and OTC trading beginning April 21. Bitget is using a tiered allocation structure, and VIP users get early access through exclusive pre-launch airdrop rounds before the broader rollout. The offering will be available across all jurisdictions where Bitget maintains regulatory compliance.

Why This Matters for Crypto Trading

Bitget CEO Gracy Chen told us that tokenization is fundamentally democratizing access: "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."

This isn't Bitget's innovation alone. Crypto-native platforms like PreStocks (built on Solana), Orderbook, and Republic already offer similar products. Traditional finance players—Nasdaq Private Market, Hiive, Forge Global, and EquityZen—have been in this space longer, but they lack the 24/7 trading access and global reach that crypto exchanges can deliver.

The Broader "Super App" Race

We're watching a clear convergence strategy across major exchanges. Bitpanda expanded in January to include roughly 10,000 stocks and ETFs. Kraken launched 11,000 US-listed equities and ETFs in April 2025 with commission-free trading, explicitly positioning it as a way to unite "equities and digital assets." Coinbase completed its stock trading rollout at the end of 2025, rebranding its wallet as an "everything app" to enable round-the-clock trading of stocks, ETFs, and crypto.

Delphi Digital has labeled this the "super app" race, predicting an "aggregation era" where value shifts from individual protocols to platforms controlling the largest user bases and broadest trading menus. The catalyst is simple: if you can offer everything—crypto, stocks, ETFs, pre-IPO tokens—users have no reason to fragment across multiple apps.