Bitget launches preSPAX to mirror SpaceX post-IPO gains

Seychelles-based exchange Bitget launched preSPAX, a synthetic token designed to mirror the economic performance of SpaceX after a qualifying liquidity event such as an initial public offering or an acquisition. Republic is providing the infrastructure for the product. Bitget and Republic state that token holders receive no equity, voting rights or ownership in SpaceX. The offering carries no guarantee of principal.

Subscriptions opened April 18 at 18:00 UTC and will close April 21 at 18:00 UTC. Token issuance begins April 21 at 12:00 UTC, with distribution scheduled between 18:00 and 22:00 UTC that day. After distribution, preSPAX will trade on Bitget’s over-the-counter market for continuous buying and selling. VIP users have allocation limits by tier and were eligible for two airdrop rounds that began April 13.

Payouts to preSPAX holders will depend on the occurrence and the terms of a qualifying liquidity event. Returns are based on settlement mechanics set by the issuer, which introduces counterparty risk. Bitget and Republic warn there is no guarantee investors will recover their principal. Neither SpaceX nor Elon Musk has authorized or endorsed the token.

Gracy Chen, Bitget’s chief executive, placed the offering within the exchange’s Universal Exchange strategy: “IPO Prime allows users to participate earlier in a company growth cycle, with the flexibility of continuous trading.” Bitget reports a user base of 125 million and lists tokenized stocks, ETFs, commodities, forex and cryptocurrencies.

Republic previously issued rSPAX Mirror Tokens on Solana in June 2025; those tokens were structured as a debt-like instrument and did not represent direct shares. The preSPAX launch comes after SpaceX filed confidentially with the U.S. Securities and Exchange Commission on April 1, targeting a potential June 2026 IPO that filings suggested could raise more than $75 billion and value the company between $1.5 trillion and $2 trillion.