Bitget debuts IPO Prime market with SpaceX pre-IPO exposure token

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Bitget, a Seychelles-based exchange, has launched IPO Prime, a new market providing access to pre-IPO tokenized exposure.

According to a company statement released Friday, the first offering under the product will be preSPAX, a digital asset tied to the economic performance of SpaceX, a private rocket company valued at $1.54 trillion on secondary trading venue Nasdaq Private Market.

Powered by Republic, IPO Prime operates on a subscription model where eligible users can apply for allocations in tokenized offerings. Allocation limits depend on user tier, with higher thresholds for more advanced VIP levels, according to the statement. After the subscription phase, the digital assets move to an over-the-counter market on Bitget for continuous trading.

Gracy Chen, CEO of Bitget, said the product shifts access to pre-IPO opportunities beyond institutional investors.

"IPO Prime allows users to participate earlier in a company's growth cycle, with the flexibility of continuous trading," Chen said in the statement. "This shifts how and when investors can engage with emerging companies, which gives retailers and new investors a chance to buy-in early. This is part of our greater shift towards building an UEX, democratizing access to financial equality."

Per the statement, the preSPAX token is expected to launch April 21 at 12:00 UTC. The commitment period will run from April 18 at 18:00 UTC to April 21 at 18:00 UTC, with distribution scheduled between April 21 at 18:00 UTC and 22:00 UTC. Two rounds of preSPAX airdrops will be available to eligible VIP users before the launch, Bitget said.

In a disclaimer, the company said that preSPAX represents a mirrored economic interest in SpaceX's potential upside upon a qualifying event and does not constitute a direct investment in SpaceX. SpaceX has not endorsed or authorized the product, according to the disclaimer.

Bitget serves 125 million users and offers access to over 2 million crypto tokens, more than 100 tokenized stocks, ETFs, commodities, FX, and gold, per the statement.