Cryptocurrency exchange Bitget has launched a new platform offering tokenized exposure to private companies, starting with an asset linked to SpaceX, as companies push to bring early-stage investing to the blockchain rails.
The platform, called IPO Prime, allows users to subscribe to tokens that track the economic performance of companies 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 specialized in private markets, with tokens minted on the Solana blockchain.
Trading began after a short subscription period, providing users with almost immediate liquidity. This 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 stake stablecoins in a pool and receive tokens based on total demand. Once distributed, those tokens can be traded on a spot market, allowing investors to adjust their positions based on expectations about a future price change.
Tokenization has gained traction in traditional finance, from bonds to money market funds and stocks. Extending the model to pre-IPO markets 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 equity ownership. They are derivatives structured to reflect the financial results linked to the valuation of a company after its public debut.
SpaceX is preparing for one of the most anticipated stock debuts this year, after the company reportedly confidentially filed for an initial public offering (IPO).
