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Bitget launched its new platform “IPO Prime”, a destination that provides information to private companies before they go public, while SpaceX went on the list as the first list through the preSPAX token created on the Solana blockchain.
The offering is being offered through Republic, a private equity trading platform, and began trading after a small registration window, giving investors near-immediate access to IPO products that were previously restricted to almost anyone outside of Sand Hill Road investors.
This development raises an important question: Do pre-IPO acquisitions represent the true democratization of access to the private markets, or are they a new category of risk that regulators have never dealt with?
Highlight the main points
- Start of sale: Bitget’s IPO Prime platform offers tokenized exposure to private companies before they sign up for a public offering.
- First installation: The preSPAX token, a token based on SpaceX’s economic tracking, is distributed through Republic on the Solana network.
- Code structure: preSPAX is based on capital, not equity, and is designed to reflect financial results that are consistent with SpaceX’s post-IPO valuation.
- Procedure: Users deposit stablecoins into the subscription pool and receive tokens according to demand; Tokens are sold on the spot market immediately after distribution.
- Network: Solana, which includes its properties as part of the tokenized real assets (RWA) portfolio.
- Viewpoint: The global scope of IPO Prime will depend on how the SEC or similar agencies classify these instruments and whether they are treated as unregistered securities.
How does IPO Prime work, and what do preSPAX buyers get?
The machine is simple, but the product design needs to be well understood. Users deposit stablecoins into the subscription pool at a specified time; The allocation of tokens is distributed based on the amount of demand in the pool rather than fixed quotas.
After the split, preSPAX is traded on the Bitget market, allowing traders to get in and out based on changes expected around the SpaceX IPO.
What the buyer has is a financial asset, not a stock, convertible bond or “SAFE” bond. The preSPAX model was designed to reflect the financial results associated with SpaceX’s valuation during its initial market launch.
Republic, a private market access company, provides branding; While the Solana network is responsible for establishing and maintaining the financial instrument on the chain.
The difference between this product and the ownership of traditional products is not just a writing, it is the whole legal system of trade.
This structure breaks the traditional Pre-IPO “Lock-up period”, where VC shares in private companies are invalid for three to seven years. The IPO Prime spot market provides an exit valve that has never been available to sellers, and it is a new phenomenon. However, this transaction does not provide voting rights, pro-rata rights, or direct claims to SpaceX stock.
What does the rise of SpaceX indicate for the demand for real estate (RWA)?
The tokenization of real assets grew rapidly to include bonds, stock market funds, and commodities, but the opportunity to share pre-IPO shares remained out of reach for investors. The selection of SpaceX as the first series was not random, since the company said that it filed the IPO in private, making it one of the most anticipated offerings in many years, with the demand of investors who do not have traditional methods.
Bitget’s choice of the Solana network as a permanent location is in line with the expansion strategy; Solana has taken an increasing share of real tokenization projects in 2025 and 2026, driven by its operational capabilities and low cost compared to the Ethereum mainnet.
The Republic’s intervention also adds credibility to private markets that crypto providers may lack entirely.
The competitive pressures here are real, as platforms rush to expand their products beyond sales and derivatives, including transparent products. Bitget’s Prime IPO platform is a direct response to this, and it is a sign that pre-IPO tokenization is moving from a small experiment to a global mass movement.
A note Bitget launches IPO Prime and lists SpaceX shares as the first asset appeared for the first time Cryptonews Arabic.