Bitget is launching a SpaceX-linked token sale through its new IPO Prime platform, providing users with early exposure to a synthetic asset linked to SpaceX’s future public market performance.
The product, called preSPAX, is issued by Republic and will be available via subscription sale on Bitget from April 18-21, with OTC trading scheduled to begin on April 21.
According to Bitget, preSPAX does not constitute a direct participation in SpaceX. Rather, it is a digital asset structured to reflect the economic performance of SpaceX stock after the company’s IPO. The offering documents set an implied SpaceX valuation of $1.5 trillion for the token sale, with 94,000 tokens available at $650 each and a total subscription value of $61.1 million.
The timing is remarkable as SpaceX moves closer to what could become one of the largest IPOs on record. Bloomberg reported on April 1 that SpaceX had confidentially filed for an initial public offering, a process that allows companies to submit draft registration documents to the SEC outside of public view before officially launching a road show.
Bloomberg said the company could target a valuation of more than $1.75 trillion, while a previous Bloomberg report in December said SpaceX was targeting a valuation of around $1.5 trillion and fundraising of more than $30 billion.
A listing above $1.75 trillion would follow SpaceX’s merger with xAI, a deal that valued SpaceX at $1 trillion and xAI at $250 billion. Bloomberg later reported that SpaceX had raised its IPO target to more than $2 trillion and could seek to raise as much as $75 billion, underscoring how quickly expectations around the deal have risen.
IPO Prime is positioned as a way for crypto users to gain early economic exposure to private unicorns before they publicly list. Republic describes its mirror token structure as a regulated product designed to give investors exposure to the economic performance of private companies ahead of a potential IPO.
Bitget’s own terms state that preSPAX does not create a legal relationship with SpaceX and has not been endorsed, endorsed or authorized by the company. Settlement also depends on the lock-up period of the underlying debt asset ending after a SpaceX IPO, at which point the issuer will convert the value into tokens or USDT based on the company’s market price.
