Bitget has launched a new market offering tokenized exposure to pre-IPO companies, starting with a SpaceX-linked asset. The move extends private market access to retail users through onchain instruments.
The Seychelles-based exchange introduced “IPO Prime,” a subscription-based platform for tokenized pre-IPO allocations. Its first product, preSPAX, tracks the economic performance of SpaceX, which is valued at $1.54 trillion on Nasdaq Private Market. The token will open for commitments from April 18 to April 21, with distribution scheduled shortly after.
Can Tokenized Pre-IPO Access Reshape Private Markets?
IPO Prime allows users to apply for allocations based on account tier, with higher limits for VIP participants. After distribution, tokens transition to an over-the-counter market on Bitget for continuous trading. The structure blends primary allocation with secondary liquidity, a model rarely available in traditional private equity markets.
Still, the product does not grant direct ownership in SpaceX, instead offering mirrored economic exposure tied to potential future events. Tokenized equity instruments have emerged as a parallel to traditional private market access, though regulatory clarity remains uneven across jurisdictions. Comparable platforms have historically limited participation to accredited investors, restricting retail entry.
“IPO Prime allows users to participate earlier in a company’s growth cycle, with the flexibility of continuous trading,” said Bitget CEO Gracy Chen.
She added the initiative is part of a broader effort to expand access beyond institutional investors through tokenized financial products.
The launch also includes two rounds of airdrops for eligible VIP users ahead of trading. Bitget said the platform serves 125 million users and already lists over 100 tokenized assets across equities, commodities, and foreign exchange markets.
As tokenized pre-IPO markets expand, scrutiny will likely focus on pricing mechanisms, liquidity depth, and regulatory treatment, with the performance of preSPAX following its April 21 launch emerging as the next catalyst.
