Crypto Exchanges Push Into Pre-IPO Market for Tech Unicorn Assets
Pre-IPO investing was traditionally dominated by venture capital firms, family offices and wealthy individuals. Reports on April 14, 2026, said Binance, Bitget and Gate had entered the market through wallet-based tokens, structured notes and pre-market contracts. SpaceX was valued at $1.25 trillion in February and is targeting an IPO valuation of more than $2 trillion. Some products have lowered entry thresholds from hundreds of thousands of dollars to tens of dollars, but they do not amount to direct share ownership.
As of May 9, 2026, OKX's SpaceX perpetual contract was quoted at $2,047.60, with 24-hour trading volume of $25.553 million. Bitget's preSPAX traded at $657.21, while Gate's SPCX was priced at $604.22 after raising nearly $395 million. Prices differed by nearly threefold, but differences in the products' rights, valuations and settlement mechanisms make risk-free arbitrage difficult.
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The history behind this eventBitget Launches IPO Prime With Tokenized SpaceX Pre-IPO Exposure
Cryptocurrency exchange Bitget has launched IPO Prime, a platform that tokenizes economic exposure to global unicorns before they go public. Its first offering, preSPAX, is issued by Republic and deployed on Solana. The token is designed to track SpaceX’s post-IPO share performance on a 1:1 basis, but it does not represent equity in SpaceX and is not endorsed by the company. Investors remain exposed to issuer, liquidity and private-company risks.
Bitget announced the inaugural offering on April 10, 2026, with subscriptions open from April 18 to 21. The offering comprises 94,000 preSPAX tokens priced at $650 each, for a total value of $61.1 million and an implied SpaceX valuation of $1.5 trillion. The minimum individual investment is $100, while the subscription pool is capped at $1 billion. OTC trading opens on the evening of April 21, and VIP airdrops are being distributed in batches starting April 13.
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