Bitget Launches IPO Prime with SpaceX Synthetic Token

Cryptocurrency exchange Bitget launched its IPO Prime platform on Friday, introducing a tokenized asset called preSPAX that provides retail investors with synthetic exposure to SpaceX's future public market performance. The Seychelles-based exchange, which serves 125 million users, unveiled the product in partnership with Republic, allowing users worldwide to subscribe from April 18 to April 21, with token distribution and over-the-counter trading beginning on April 21.

preSPAX does not represent direct equity, voting rights, or ownership in SpaceX. Instead, the digital asset is structured to mirror the economic performance of SpaceX stock following a qualifying event, such as an initial public offering or acquisition. According to offering documents, the token implies a SpaceX valuation of 1.5 trillion dollars, with 94,000 tokens available at 650 dollars each, totaling a subscription value of 61.1 million dollars. Users can commit using USDT or USDGO, with minimum contributions of 100 dollars and allocations based on account tiers. Eligible VIP users will receive two rounds of preSPAX airdrops starting April 13, providing early access before the broader sale.