Bitget Launches IPO Prime With Tokenized SpaceX Pre-IPO Exposure

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.

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.

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.

SpaceX, founded by Elon Musk in 2002, has expanded the space market through reusable rockets and Starlink. Bitget’s IPO Prime brings exposure to private investments onchain, lowering the barrier for retail investors. However, preSPAX is not SpaceX stock. It is a tokenized debt instrument issued by Republic and linked to SpaceX’s post-listing returns, with no involvement from SpaceX in the issuance.

Bitget launched IPO Prime on April 14, 2026. Subscriptions for preSPAX run from April 18 to 21 UTC, with trading beginning on April 21. The initial offering comprises 94,000 tokens priced at $650 each, for a total value of $61.1 million, based on a $1.5 trillion valuation for SpaceX. The minimum individual investment is $100, while the platform’s commitment is capped at $1 billion.