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Ahmed Barakat
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Bitget has launched IPO Prime, a platform that offers exposure to private companies before they go public, with SpaceX as the first series through the preSPAX token created on the Solana blockchain.
The offering is offered through Republic, a private equity trading platform, and began trading after a short registration window, giving investors close to the latest cash on a pre-IPO name that has been banned for almost everyone outside of Sand Hill Road.
An important question arises: whether pre-IPO acquisitions represent the true democracy found in the private market, or a new class of risk that regulators have never dealt with.
Essentials
- Start of sale: Bitget’s IPO Prime platform provides exposure to private companies ahead of public listings.
- First list: preSPAX, a token based on SpaceX’s economic tracking, delivered via Republic on Solana.
- Symbol structure: preSPAX is a derivative – not an equity – designed to reflect financial results consistent with SpaceX’s post-IPO valuation.
- Mechanics: Users throw stablecoins into the pool and receive tokens according to their demand; tokens sell on the local market immediately after distribution.
- chain: Solana, which is increasingly becoming a permanent part of the real world.
- View item: Whether the SEC or similar regulators classify preSPAX instruments as unregistered securities will determine how IPO Prime expands globally.
Note: The best deals before the sale starts
How IPO Prime Works, and What a preSPAX Buyer Really Does
The mechanics are straightforward but the product design needs to be accurate. Users deposit stablecoins into the subscription pool during a defined window; subdivisions are divided according to pool size instead of random lots.
After the split, preSPAX trades on the Bitget market, allowing shareholders to enter and exit as speculation surrounding the SpaceX IPO changes.
What the buyer has is a derivative, not a part, not a convertible note, not a SAFE. preSPAX is designed to reflect the financial results associated with SpaceX’s valuation during its initial public launch.
Republic, which operates on the private market, offers a brand; Solana oversees the installation and maintenance of the on-chain tool.
The difference with equity ownership is not a footnote, it is the entire legal structure of the business.
The plan breaks the pre-IPO lock-up process, where private equity firms can remain inactive for three to seven years.
The IPO Prime market creates an exit valve that did not exist for participants. This is new. What it does not provide is voting rights, pro-rata rights, or direct claims on SpaceX stock.
What SpaceX Hook Reveals About Pre-IPO RWA Exposure
The tokenization of the world’s assets has grown rapidly across bonds, stock market funds, and commodities, but exposure to pre-IPO equity has yet to reach sales.
SpaceX is not a random first series. The company is said to have privately filed for an IPO, making it one of the most anticipated IPOs in years, with business interests that do not have a common place.
Bitget is Solana’s choice as a solution to this problem is consistent with a broader approach. Solana has taken an increasing share of the RWA tokenization projects in 2025 and 2026, which is attracted by the release and low cost compared to the Ethereum mainnet.
Republic’s participation adds credibility to the local market that a crypto-native issuer lacks.
The race here is real. Exchanges are rushing to expand the commodity space beyond real estate and derivatives into transparent commodities.
Bitget’s IPO Prime is a direct response to this dynamic, and is a sign that pre-IPO tokenization is moving from a niche experiment to the product category.
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