Crypto exchange Bitget rolled out a new platform offering tokenized exposure to private companies, starting with an asset linked to SpaceX, as companies push to bring early stage investments onto blockchain rails.
The platform, called IPO Prime, allows users to subscribe to tokens that track companies’ financial performance before they go public. Its first listing, preSPAX, is linked to Elon Musk’s space and artificial intelligence company and is issued through Republic, an investment platform specializing in private markets, with tokens minted on the Solana blockchain.
Trading began after a short subscription window, providing users with almost instant liquidity. It marks a break from traditional pre-IPO investing, where stakes in private companies are often locked up for years with limited options to exit.
Instead of fixed allocations, users deposit stablecoins into a pool and receive tokens based on aggregate demand. Once distributed, these tokens can be traded on a spot market, allowing investors to adjust positions as expectations around a future listing shift.
Tokenization has gained traction across traditional finance, from bonds to money market funds to stocks. Extending the model to pre-IPO markets could widen access to a segment long dominated by venture capital and private equity, while testing how far crypto infrastructure can reshape capital formation.
The pre-IPO tokens do not represent equity ownership. They are derivatives structured to reflect financial performance tied to a company’s valuation after a public debut.
SpaceX is gearing up for one of the most anticipated public debuts this year after the company reportedly filed a confidential filing for an initial public offering.
