Bitget Introduces preSPAX Token Sale on IPO Prime Ahead of Potential SpaceX IPO

Bitget is preparing to list preSPAX on its IPO Prime platform, introducing a tokenized product tied to the expected public market performance of SpaceX. The token is issued by regulated firm Republic and is structured to track the company’s economic performance after a potential IPO, rather than represent direct equity ownership.

The subscription period is scheduled to run from April 18 to April 21, 2026, followed by a short distribution window and the opening of over-the-counter (OTC) trading later the same day. A total of 94,000 preSPAX tokens will be made available at a fixed subscription price of $650, with the sale targeting a combined value of $61.1 million.

Access to the sale is based on a tiered system, where individual commitment limits vary depending on VIP level. Allocations are calculated proportionally using a formula that distributes tokens based on each participant’s share of the total committed capital.

Once allocated, users can either trade preSPAX on OTC markets or wait for settlement, which is expected to occur after a lock-up period tied to the underlying asset. Typically, this process takes place around six months following a public listing, at which point the token may be converted into USDT or equivalent value based on market performance.

Create Bitget Account

“The model allows users to gain exposure to potential IPO outcomes without directly holding shares,” the platform explains in its overview of IPO Prime.

What IPO Prime and IEOs mean for crypto users

IPO Prime is Bitget’s attempt to extend the concept of token launches beyond traditional crypto projects. While initial exchange offerings (IEOs) usually focus on early-stage blockchain tokens, IPO Prime applies a similar framework to assets linked to real-world companies.

IEOs generally allow users to participate in token sales hosted by exchanges, with allocations determined by contribution size or lottery systems. IPO Prime builds on this model by introducing subscription-based participation and linking token value to external economic performance.

Bitget, one of the larger global cryptocurrency exchanges, has been expanding its suite of launch products, including Launchpool and token sale platforms. IPO Prime represents a shift toward hybrid financial products that blend elements of traditional markets with blockchain-based access.

The bottom line

The preSPAX sale reflects a broader trend of bringing pre-IPO exposure into the crypto ecosystem through tokenization. While the structure differs from direct stock ownership, it offers a new way for users to engage with high-profile companies ahead of potential public listings—albeit with risks tied to both crypto markets and underlying valuations.