Bitget debuts SpaceX proxy token as Musk’s IPO target climbs above $1.75 trillion

Bitget is launching a SpaceX-linked token sale through its new IPO Prime platform, offering users early exposure to a synthetic asset tied to SpaceX’s future public market performance.

The product, called preSPAX, is being issued by Republic and will be available through a subscription sale on Bitget from April 18 to April 21, with OTC trading set to begin on April 21.

According to Bitget, preSPAX is not direct SpaceX equity. Instead, it is a digital asset structured to mirror the economic performance of SpaceX stock after the company goes public. The offering documents set an implied SpaceX valuation of $1.5 trillion for the token sale, with 94,000 tokens available at $650 each and a total subscription value of $61.1 million.

The timing is notable because SpaceX is moving closer to what could become one of the biggest IPOs on record. Bloomberg reported on April 1 that SpaceX had filed confidentially for an initial public offering, a process that lets companies submit draft registration documents to the SEC outside public view before formally launching a roadshow.

Bloomberg said the company could seek a valuation of more than $1.75 trillion, while an earlier Bloomberg report in December said SpaceX was targeting a valuation of about $1.5 trillion and a fundraise of more than $30 billion.

A listing at more than $1.75 trillion would follow SpaceX’s merger with xAI, a transaction that valued SpaceX at $1 trillion and xAI at $250 billion. Bloomberg later reported that SpaceX had raised its IPO target to more than $2 trillion and could seek to raise as much as $75 billion, underscoring how quickly expectations around the deal have climbed.

IPO Prime is being positioned as a way for crypto users to gain early economic exposure to private unicorns before they list publicly. Republic describes its mirror token structure as a regulated product designed to give investors exposure to the economic performance of private companies ahead of a potential IPO.

Bitget’s own terms say preSPAX does not create a legal relationship with SpaceX and has not been endorsed, approved, or authorized by the company. Settlement also depends on the lockup period of the underlying debt asset ending after a SpaceX IPO, at which point the issuer would convert value into tokens or USDT based on the company’s market price.