Crypto exchange Bitget has rolled out a new platform offering token exposure to private companies, starting with an asset tied to SpaceX, as companies work to bring early-stage investments on the blockchain rails.
The platform, called IPO Prime, allows users to subscribe to tokens that track the economic performance of companies before they go public. Its first listing, preSPAX, is linked to Elon Musk’s space and artificial intelligence company and is issued through Republic, an investment platform specializing in private markets, with tokens issued on the Solana blockchain.
Trading began after a short subscription window, providing users with near-immediate liquidity. This marks a departure from traditional pre-IPO investing, where stakes in private companies are often locked in for years with limited exit options.
Instead of fixed allocations, users stake stablecoins into a pool and receive tokens based on total demand. Once distributed, these tokens can be traded on a spot market, allowing investors to adjust their positions based on expectations for a future listing.
Tokenization has gained traction in traditional finance, from bonds to money market funds to stocks. Expanding the model to pre-IPO markets could broaden access to a segment long dominated by venture capital and private equity, while testing the extent to which crypto infrastructure can reshape capital formation.
Pre-IPO tokens do not represent equity participation. These are derivative products structured to reflect the financial results linked to the valuation of a company after its IPO.
SpaceX is gearing up for one of the most anticipated IPO debuts this year, after the company reportedly confidentially filed for an IPO.
