Bitget Launches SpaceX-Linked Pre-IPO Tokenized Product preSPAX

SpaceX remains a privately held company, with conventional private-equity investments largely controlled by institutions. BingX is bringing related price exposure to its crypto platform through real-world asset tokens, perpetual futures and PreStocks. Founded by Elon Musk in 2002, SpaceX has a private-market valuation of $1.25 trillion, according to BingX, making it an important test case for connecting Web3 with traditional finance.

BingX listed SPACEX (VNTL) perpetual futures on April 14, 2026, followed by SPACEX (PreStocks) on April 16. VNTL rose to third place by trading volume among the platform’s emerging TradFi assets within its first 24 hours. Xpool opened a USDT staking airdrop on April 21, and BingX announced on June 17 that it had completed distribution of the SpaceX pre-IPO RWA tokens.

Elon Musk's SpaceX is built around rocket launches and the Starlink satellite network. If it goes public, investors would gain indirect exposure to Bitcoin price swings alongside the risks of its aerospace operations and capital spending, putting the company's crypto holdings at the center of questions over valuation and financial transparency.

SpaceX originally planned to file confidentially as early as March 2026 and list in June. The latest reports say the IPO is priced at $135 a share and aims to raise $75 billion, with demand nearing four times the offering at $250 billion. The company holds 8,285 Bitcoin, whose market value has fallen to about $545 million as the cryptocurrency's price declined.

Pre-IPO access to SpaceX had previously been dominated by institutional investors. On June 5, 2026, Kraken made it the first offering under xStocks' “IPO Access,” allowing eligible customers in more than 110 regions to subscribe. Investors receiving allocations obtained SPCXx tokens issued by Backed Assets and backed 1:1 by actual shares. The tokens provided price exposure but no voting rights, underscoring how crypto infrastructure is moving into traditional capital markets.

SpaceX listed on Nasdaq at $135 a share on June 12, 2026. Kraken had disclosed about $400 million in available capacity through its channel, with subscription costs also including a 5% spread. Overall IPO orders, however, reached $250 billion, leaving the offering about four times oversubscribed. A Kraken employee named Nata said that day that SPCXx allocations had been sharply reduced and advised users to cancel their hedges. Some received only about four shares, and Kraken had not formally responded by the time of reporting.

SpaceX has yet to go public, and access to its private shares has historically been largely limited to institutions and high-net-worth investors. Bybit partnered with xStocks to launch IPO Express, with SpaceX as its first offering. Issued by Backed Assets and purportedly backed 1:1 by physical shares, the tokenized certificates were designed to let retail investors preorder them using USDC.

Bybit had planned to open subscriptions for the SpaceX offering on June 11, allowing investors to subscribe with USDC. The offering ultimately failed because xStocks did not deliver the relevant tokens. Bybit said it would refund subscription funds in full and provide compensation at a 10% annual percentage rate (APR), highlighting settlement risks and the risk that suppliers may fail to perform in tokenized IPO offerings.

SpaceX has yet to go public, making it difficult for conventional investors to participate directly in gains in its equity value. Bitget Wallet and xStocks have launched SPCXx, a tokenized stock issued by xStocks that it says is backed 1:1 by underlying shares. The product gives users economic exposure tied to a future SpaceX IPO through stablecoins, but it is not equivalent to directly owning U.S.-listed shares.

Bitget Wallet opened SPCXx subscriptions on June 9, with the latest round’s final subscription window starting at 16:00 that day. Users can participate with stablecoins across several major blockchains, avoiding the need for a conventional U.S. brokerage account and cross-border funding. Available information does not disclose the minimum subscription amount, total funds raised or the date of SpaceX’s formal IPO.

Ourbit has launched “Super IPO,” a project-based digital-asset subscription service designed to use on-chain infrastructure to lower the capital and eligibility barriers associated with traditional IPOs and investments in private companies. Its first offering, ticker SPAX, is linked to the market performance of space company SpaceX and allows cryptocurrency users to participate with USDT. The rights attached to the product remain subject to the platform’s terms.

According to the latest related reports, the first offering in Ourbit’s Super IPO section is now open for subscriptions to SpaceX-linked SPAX at 589 USDT per unit. It is marketed as a way for users to gain early exposure to a closely watched potential trillion-dollar IPO. Neither report provided an exact launch date, subscription deadline or details of any arrangement for converting SPAX into actual SpaceX equity.

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.