SpaceX's Pre-IPO Showcase: A Long-Awaited Financial Democratization

Written by: Ma He, Foresight News

Once, the crypto industry attracted countless people to rush in frantically due to its immense wealth effect. Amid the liquidity feast, there was revelry, with countless dreams and wealth myths intertwined. However, if we review the market performance over the past six months, perhaps the vast majority of people would be quite disappointed. Yes, the crypto circle, which once gave countless ordinary people the opportunity to participate in venture capital, now often ends with extreme PvP and tokens facing intense selling pressure upon listing.

The wealth effect has sharply diminished, and a sense of despair is spreading. Yet, when we slightly shift our perspective away from the crypto circle, we find that fields like AI, robotics, and aerospace are developing so rapidly, and the stock market's performance is also quite impressive, leading many in the crypto circle to switch to U.S. stocks in 2025.

Top-Equity – An "Exclusive Game" for the Few

According to PwC's "Global Top 100 Unicorns 2025" report, the total valuation of the world's top 100 unicorn companies reached approximately $2.9 trillion. The valuations of these companies have multiplied several times or even dozens of times over the past few years, but ordinary investors can hardly share in this wealth feast.

Traditional Pre-IPO investment channels are like a high wall. Inside the wall are venture capital institutions and accredited investors—a "club game" for a very select few top VCs and ultra-high-net-worth individuals. Whether it's top-tier investment banks or private equity special funds, the participation threshold is at least 3 million RMB.

Outside the wall are ordinary people with no resources and no connections. High barriers to entry, low liquidity, and complex legal procedures—these factors together form an almost insurmountable barrier. In the past, SpaceX shares were inaccessible to ordinary investors.

But now, the situation is changing.

In April 2026, Bitget launched a new token sale platform, IPO Prime, to allow ordinary people to participate in Pre-IPO investments in global top-tier companies. It aims to let ordinary retail investors participate in truly "big projects" and share the dividends of industry development.

The first listed asset is none other than SpaceX.

Competition among exchanges in 2026 is no longer about the "number of listed coins" but about "full-category asset liquidity."

While other exchanges are still competing fiercely for secondary market liquidity, truly thoughtful players are already accessing primary asset issuance through compliant channels. Because so-called compliance and the ability to acquire top-tier assets are no longer thorny issues.

An interesting phenomenon is that top crypto exchanges like Binance and Coinbase have not yet ventured into Pre-IPO, but Bitget has become the first player to "eat the crab." This attempt essentially aims to break down financial barriers for users caused by geography, capital thresholds, and identity access, allowing ordinary crypto retail investors to participate in top-tier assets with extremely low friction.

The structural inequality in the traditional venture capital market is rooted in the accredited investor system established by Reg D (Regulation D of U.S. securities law). Under this framework, the equity appreciation gains of super unicorns like SpaceX have long been locked within the scope of high-net-worth individuals with "investable assets exceeding $1 million" or "annual income exceeding $200,000." This is essentially a capital feast that excludes 99% of market participants.

Bitget allows ordinary retail investors to enjoy the dividends brought by financial democratization, investing in "big projects" to obtain high returns like traditional VCs.

Specifically, assets listed on IPO Prime are issued by compliant issuers. These issuers hold equity or related rights in the target companies through compliant channels and then issue digital tokens to "mirror" the economic performance of these equity interests.

Taking the first listed preSPAX as an example, this token is issued by Republic.

Bitget CEO Gracy revealed that the reason for choosing Republic is quite solid. "They operate with full licenses: they have established a complete chain for assets from 'issuance—distribution—trading,' possess cross-jurisdictional compliant operational capabilities and end-to-end RWA service capabilities, and are one of the few global platforms with compliant qualifications in the US, Europe, and Asia simultaneously. Their shareholders are also top-tier, including Valor Equity Partners (an early investor in Tesla and SpaceX), and Web3 players like Avalanche and Yzi labs."

The preSPAX token reflects the economic performance of SpaceX after its IPO listing. However, it is important to note that it is not actual SpaceX stock. Holding the token does not mean holding SpaceX equity, nor does it grant shareholder rights such as voting rights or dividend rights.

The benefits of this "mirroring" mechanism are obvious:

• Low barrier to entry: Users only need USDT and USDGO to participate, no accredited investor status required.
• High liquidity: An over-the-counter (OTC) trading market opens after the subscription period ends, allowing 24/7 free trading.
• Flexible exit: Users can choose to sell on the secondary market or wait for the token to be exchanged for stock tokens or USDT after the IPO.

What is another major pain point of traditional Pre-IPO investment? Once you invest your money, you might not be able to withdraw it for years.

Take SpaceX as an example. The company has been around for 23 years since its founding in 2002 but has not yet gone public. If you purchase SpaceX Pre-IPO shares through traditional channels, you might need to wait for several years or even longer to exit. During this period, your funds are completely locked and illiquid.

Currently, mainstream Pre-IPO platforms like EquityZen, Forge Global, and Hiive are all focused on the traditional finance sector and are relatively isolated from the cryptocurrency ecosystem.

The innovation of Bitget IPO Prime lies in its immediate opening of an OTC trading market after the subscription period ends. This liquidity design is a huge attraction for ordinary investors. After all, investors often remain cautious about the opportunity costs associated with long-term lock-ups.

Furthermore, this time, users can directly use stablecoins to participate in the IPO, breaking the history of equity investment. Stablecoins are no longer just a medium for cross-border transfers and on-chain token trading but have become one of the payment methods that can directly participate in compliant IPOs.

Ordinary retail investors no longer need to face complicated transfer and fund transaction issues; they can participate in this wealth feast using USDT or USDGO.

The Scarcity Behind SpaceX's Trillion-Dollar Valuation

In April 2026, Bloomberg and CNBC simultaneously broke a major news story: SpaceX had filed for an IPO, aiming to go public in June 2026, planning to raise approximately $75 billion with a valuation as high as $1.75 trillion.

If successful, this would become the largest public offering in history, surpassing Saudi Aramco's $29 billion fundraising record in 2019. At that point, SpaceX would become the sixth most valuable company in the U.S., behind Nvidia, Apple, Microsoft, Amazon, and Alphabet.

According to the latest data from Polymarket, the market's probability of betting that its official closing market cap on the first day of listing will exceed $1.8 trillion has risen to 70%, and the probability of exceeding $2 trillion is 49%.

What makes SpaceX worth so much? The answer lies in its commercial blueprint.

SpaceX now dominates the world with three killer features.

Falcon 9: The world's first orbital-class reusable rocket, having completed over 150 launch missions, accounting for approximately 90% of global orbital launch mass. Reusable technology has reduced launch costs severalfold, which is key to SpaceX's dominance in the commercial launch market.

Starlink: A global satellite internet giant with 9.2 million subscribers in 150 countries, doubling its user count for two consecutive years. Revenue in 2025 was approximately $16 billion.

Starship: The next-generation fully reusable transportation system, aiming to achieve crewed missions to Mars and multi-planetary survival. Although still under development, its progress lays the foundation for SpaceX's long-term vision.

During a public speech in June 2025, Musk revealed that SpaceX's revenue for the 2025 fiscal year is expected to reach $15.5 billion, and it有望 to surpass NASA's budget (approximately $18.8 billion) in 2026.

However, SpaceX has long insisted on not going public, and its secondary market circulating shares are extremely scarce.

In December 2025, SpaceX conducted a secondary share sale, allowing employees to sell shares at an $800 billion valuation. This was the first time SpaceX's valuation broke the $800 billion mark, more than doubling from the previous valuation of approximately $350 billion.

The problem is, these shares were almost entirely divided among internal employees and institutional investors. For ordinary investors to participate, it was as difficult as climbing to the sky.

This time, Bitget's choice to share the SpaceX wealth opportunity with users might not be a coincidence.

SpaceX challenges the boundaries of the traditional aerospace industry, while Bitget challenges the boundaries of traditional finance. Both are breaking down barriers in traditional industries through technological innovation.

Subscription Valuation $1.5 Trillion, Individual Investment Cap $300,000

On April 18, Bitget will update its relevant pages before the activity opens, at which point retail investors can officially participate. The funding phase will end on April 21 at 2:00 PM, and preSPAX token distribution will begin. OTC trading will open at 8:00 PM on the 21st.

IPO Prime adopts a contribution-based subscription model. Eligible users can participate in the subscription, and the individual subscription hard cap will be linked to the user's Bitget VIP level.

The implied valuation for users participating in the SpaceX subscription is $1.5 trillion. The total subscription amount is 94,000 shares, with a total value of $61.1 million. The subscription price is $650 per 1 preSPAX share.

The currently supported contribution currencies are USDT or USDGO. The minimum individual contribution is $100. The maximum upper limit varies according to VIP level differences, with VIP 7 having the highest individual contribution cap of $300,000.

After IPO Prime concludes, users can buy and sell preSPAX tokens according to the rules in the subsequently opened Bitget OTC trading market. Additionally, they can wait for the lock-up period of the underlying debt assets of the preSPAX token to end (typically about 6 months after SpaceX's IPO listing), at which point the issuer will entrust Bitget to exchange the tokens for stock tokens or USDT for users based on the target company's stock market price.

Bitget has launched two rounds of token airdrops for platform VIP users, with a total allocation of $500,000. For high-net-worth users, this is equivalent to a considerable "welcome gift."

In April 2026, Bitget launched a VIP Acceleration Program. Traditional VIP systems usually rely on fixed asset thresholds, such as requiring users to hold a certain amount of platform tokens or reach a specific asset scale. But Bitget broke this convention by linking VIP access to actual trading behavior.

The program offers three independent progression paths: futures trading, spot trading, and holding volume. Every type of player can find a progression path that suits them.

This year, Bitget accelerated its VIP layout. Not only did it optimize its level progression paths, but its futures VIP service system was also upgraded accordingly, and it launched a "Ten Million Club" program. Eligible users can receive customized high-end physical gift boxes from the platform monthly. This program runs from January to June 2026, and previous gifts to users have included gift boxes from Moutai and Hermès.

Conclusion

Since 2025, Bitget has been advancing its Universal Exchange (UEX) strategy, integrating the cryptocurrency market, on-chain markets, and tokenized assets into a unified trading experience.

According to data from the on-chain tracking platform Lookonchain, the cumulative trading volume of Bitget's stock tokens has reached $1 billion. Among this, the single-month trading volume in December 2025 already accounted for 89.1% of Ondo's global market share.

Unlike traditional brokerages, Bitget's tokenized stocks can be traded 24/7. This means global investors can react instantly to earnings reports or macroeconomic events without waiting for the New York opening bell.

Through IPO Prime, Bitget has expanded the investable asset classes from cryptocurrencies and tokenized stocks to Pre-IPO unicorn equity.

From the perspective of industry competition, if IPO Prime's CEX debut subsequently demonstrates a wealth effect, it undoubtedly holds significant meaning.

Not every wealth opportunity can be seized by investors, but the wealth earned through in-depth research and courageous action is the most thrilling.

Breaking down the walls of Wall Street and making top-tier equity investment opportunities accessible is an important step towards the maturity of the crypto industry.

This space experiment in financial democratization is about to begin.