Cryptocurrency exchange Bitget has launched IPO Prime, a proxy offering tied to the pre-initial public offering (IPO) phase of Elon Musk’s space manufacturing and transportation company SpaceX.
Bitget he said On Friday, IPO Prime will launch with preSPAX, a Republic-issued token designed to provide retail users with economic exposure tied to SpaceX’s post-IPO performance. The exchange said the product does not give buyers direct ownership of SpaceX stock and that SpaceX has not endorsed, endorsed or authorized the offering.
The launch highlights how cryptocurrency exchanges are bringing more classic investment products onto blockchain rails, seeking to attract users with 24/7 access to assets that have historically been more hard for retail investors to access.
The announcement is made as Bloomberg reported that SpaceX has reportedly confidentially filed for an IPO, with a target valuation ranging from $1.75 trillion to over $2 trillion, although the company has not publicly confirmed the move.
Bitget said the offering will be available in all jurisdictions where the exchange is compliant, in a subscription-based model where users will be able to apply for allocations in a tiered structure.
Bitget said the preSPAX subscription window will run from April 18 to April 21, with distribution on April 21, and OTC trading will begin later that day. Bitget CEO Gracy Chen told Cointelegraph that VIP users will receive early access through two exclusive rounds of pre-launch airdrops ahead of a wider rollout.
“Pre-IPO exposure was limited to small circles, but tokenization has changed that, providing access to traditional assets that were usually out of reach. preSPAX is our first offering and we will provide our users with more such opportunities this year.”
Native crypto companies with similar pre-IPO offerings include Solana-based PreStocks, Orderbook and Republic. Traditional finance competitors include Nasdaq Private Market, Hiive, Forge Global and EquityZen.
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Cryptocurrency exchanges compete for universal exchange ambitions through TradFi products
Bitget is positioning the pre-IPO platform as a “new route” to classic financial opportunities and part of the company’s “universal exchange” ambitions to put more TradFi assets into tokenized wrappers.
Other enormous cryptocurrency exchanges have also launched access to TradFi investment products in an effort to expand their investor base. In January, Vienna cryptocurrency exchange Bitpanda said it was expanding its offering to include around 10,000 stocks and ETFs.
In April 2025, Kraken announced the launch of 11,000 U.S.-listed stocks and ETFs with commission-free trading to combine “stocks and digital assets” on a single trading platform as part of a “phased national rollout.”
The Coinbase exchange also launched stock trading in behind schedule 2025 and renamed its wallet app the “app for everything,” a first step towards enabling 24/7 trading of stocks and ETFs along with crypto assets.
Cryptocurrency research firm Delphi Digital has called this phenomenon the “super app” race, predicting an “era of aggregation” for the cryptocurrency industry as value shifts from protocols to platforms with the most users and trading products.
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