As companies push to bring early-stage investments to blockchain rails, crypto exchange Bitget has rolled out a new platform offering tokenized exposure to private companies, starting with assets related to SpaceX.
The platform, called IPO Prime, allows users to subscribe to tokens that track a company’s economic performance before it goes public. Its first listing, preSPAX, is tied to Elon Musk’s space and artificial intelligence company and was issued through Republic, an investment platform specializing in private markets, with tokens minted on the Solana blockchain.
Trading began after a short subscription period, giving users almost instant liquidity. This represents a departure from traditional pre-IPO investing, where shares in private companies are often locked in for years and exit options are limited.
Instead of a fixed allocation, users commit stablecoins to a pool and receive tokens based on aggregate demand. Once distributed, these tokens can be traded on the spot market, allowing investors to adjust their positions depending on their expectations for future listing changes.
Tokenization is gaining traction across traditional finance, from bonds to money market funds to stocks. Extending this model to the pre-IPO market could expand 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 ownership of shares. These are derivatives structured to reflect the financial results associated with the valuation of a company after it goes public.
SpaceX has reportedly secretly filed for an IPO and is gearing up for one of the year’s most widely anticipated stock market debuts.
