從SpaceX到OpenAI，Bitget押注的Pre-IPO是真革命還是偽需求？

In December 2025, SpaceX completed an internal share sale.

Valued at $800 billion, the highest in SpaceX's history. But the shares were already fully allocated among internal employees and institutions. The average person could see the news but had no ticket to get in.

Four months later, Bitget cracked the door open just a sliver.

On April 21st, the first IPO Prime project, preSPAX, went live for spot trading. For the first time on a centralized exchange, a platform used stablecoins to allow ordinary users to participate in pre-IPO investments in a top-tier unicorn like SpaceX.

The market's feedback over the following three weeks was more direct than expected: preSPAX surged from its issuance price of $650 to a high of $811.22, a maximum gain of 24.8%.

Today at 4 PM, the second sliver opened up – Bitget's IPO Prime Phase 2, preOPAI, began subscription, with the underlying asset linked to OpenAI.

Both projects are issued by Republic, a regulated compliant institution.

 01 How Thick Is This Wall

Over the past two years in the crypto industry, making money hasn't been easy.

It's not a price issue – BTC hit new highs, and ETH is still around. The problem is that the story of old assets is over: People buying BTC are no longer betting on changing the world; they're more often allocating to an "inflation hedge asset."

Many have turned their attention to companies that haven't gone public yet. But there's a wall there.

PwC's "Global Top 100 Unicorns 2025" data: The total valuation of the world's top 100 unicorns is approximately $2.94 trillion, having multiplied several times or even dozens of times over the past few years – yet ordinary investors have almost no chance to share in it.

Traditional Pre-IPO investment thresholds often start at 3 million RMB, a "closed game" accessible only to top VCs and ultra-high-net-worth individuals.

SpaceX is the most extreme case.

Founded by Musk in 2002; the Falcon 9 has completed over 600 launches, accounting for roughly 90% of global orbital mass in recent years; Starlink has over 10 million subscribers in more than 150 countries, with 2025 revenue estimated at $11.4-$11.8 billion.

A company that turned rocket launches into an assembly line operation, yet it never goes public. The internal share sale in December 2025 saw its valuation break $800 billion for the first time – but almost all participants were insiders.

This is exactly the problem Bitget's IPO Prime aims to solve.

 02 How Bitget Made This Happen

Major exchanges like Binance and Coinbase have not yet ventured into the Pre-IPO market. Bitget is the first.

Why SpaceX First

At the beginning of this year, Musk announced SpaceX's acquisition of xAI, upgrading SpaceX's narrative from an aerospace company to a vehicle for "putting AI and computing power into orbit."

Bitget's strategic direction is the Universal Exchange, aiming to integrate crypto assets, tokenized stocks, commodities, and forex into a single platform – Pre-IPO was the last missing piece in this puzzle.

Finding Republic: Two years of connection, over half a year of negotiation

The Pre-IPO market is messy, with many platforms having unclear underlying assets.

Bitget CEO Gracy Chen met Republic Co-CEO Andrew Durgee two years ago. But in-depth company-level research only began in September 2025, with formal cooperation pushed forward early this year.

Republic is one of the few fully licensed platforms with compliant qualifications in the US, Europe, and Asia, whose shareholders include Valor Equity Partners (an early investor in Tesla and SpaceX).

The cooperation model was strictly defined: Must genuinely hold the corresponding Pre-IPO equity through an independent SPV, which Republic then tokenizes. The tokens represent real purchased equity shares, not contracts or on-chain exposure.

The Final Sprint

SpaceX's acquisition of xAI disrupted the rhythm again, causing instant market pricing chaos. The team needed to re-verify assets, coordinate with equity sellers, and convince Republic's compliance officers in a very short time frame.

Ultimately, Bitget secured a total subscription pool of approximately $60 million, with the subscription threshold lowered to $100.

Gracy Chen said: "We want to let Web3 users, just like top venture capitalists, share in Musk's vast seas of stars."

 03 Phase 1 preSPAX, How Is It Now

Let's be clear: preSPAX is not SpaceX real stock. It is a debt certificate issued to the holder by the issuer, reflecting SpaceX's performance, but does not confer equity, voting rights, or dividend rights.

Core Parameters: Implied valuation of $1.5 trillion, total subscription volume of 94,000 units at $650 each, total approximately $61.1 million; minimum investment of $100, VIP 7 cap of $300,000.

Subscription Side: Three days, $177 million poured in

Subscription window was three days. Within 4 hours of opening, investment exceeded $77 million; broke $100 million the next day; closed with a cumulative $177 million from 14,435 participants – nearly 2.9 times oversubscribed.

Secondary Side: Up 24.8% Since Listing

At 8 PM on April 21st, preSPAX opened at a high of 662 USDT (+1.85%), stabilizing around 653.4 USDT (+0.52%).

Over the next three weeks, the market's attitude was much clearer than on opening day. Since listing, preSPAX/USDT hit a high of $811.22, a maximum gain of 24.8% from the $650 issuance price, with the implied valuation pushed from $1.54 trillion to approximately $1.92 trillion at one point.

Looking across the entire market for SpaceX exposure (preSPAX uses its post-listing high, other channels use April 21st reference):

At the issuance price, preSPAX has the lowest entry price among all tradable SpaceX exposures and does not require qualified investor status.

This also explains why over half of the subscription users didn't immediately sell after the listing – they aren't betting on a few percentage points of listing premium, but on the entire path of SpaceX's primary market valuation converging towards its IPO pricing.

SpaceX is expected to list on Nasdaq in June 2026, with a target price of $737/share ($1.75 trillion market cap), with a 30% retail quota – a rare high proportion for major US IPOs.

Based on mainstream broker base-case scenarios, starting from the preSPAX $650 issuance price, the 6-month upside potential is approximately 13% to 20%, and 30% to 46% in an optimistic scenario.

 04 The Second Slit, Opened on OpenAI

IPO Prime is not Bitget's first step in the direction of tokenized assets.

Previously, Bitget had been deeply involved in tokenized stocks for some time. Lookonchain data shows that in the early stages of listing, Bitget's cumulative stock token trading volume reached $1 billion; in December 2025, monthly trading volume accounted for 89.1% of Ondo's global market share.

IPO Prime is an extension upward: From secondary market tokenized stocks to primary market Pre-IPO shares. The success of Phase 1 preSPAX directly led to Phase 2.

preOPAI Core Parameters

Compliance framework is consistent with Phase 1: A Republic Cayman exempt entity issues a Mirror Note under Regulation S of the US Securities Act of 1933, pegged 1:1 to the economic benefits of an OpenAI IPO, regulated by CIMA with annual audits.

OpenAI implied valuation of $898.2 billion, 1 preOPAI = $725, total subscription volume of 29,082 units, total approximately $21.08 million, investment pool cap of $300 million, minimum investment of $100; VIP individual investment caps range from $10,000 (VIP 0) to $600,000 (VIP 7), supporting USDT and USDGO.

Bitget's Chinese spokesperson, Xie Jiayin, described this phase as: "preOPAI is the only token on the entire network backed by real equity."

This points precisely to the aforementioned Republic + SPV + Mirror Note structure – the economic benefits behind the token are 1:1 linked to OpenAI's primary equity. It is not an IDO, not a contract-based ghost token, and not bare on-chain exposure.

Why OpenAI

Valuation increased 28x in three years: From a $30 billion private round in April 2023 (Thrive Capital + Microsoft) to an $852 billion mega funding round in March 2026 (SoftBank, a16z, Microsoft, Nvidia, Amazon).

ARR exceeded $20 billion by the end of 2025, a 10x increase in 3 years, making it the fastest company in SaaS history to reach $20 billion in ARR.

CFO Sarah Friar publicly stated that the S-1 is expected to be filed by the end of 2026, with the IPO targeted for 2027 at a target valuation of $1.5 trillion.

Between $852 billion and $1.5 trillion, the entry price of $898.2 billion for preOPAI is the key to this window.

Rule Adjustments

Phase 2 introduces a partial lock-up mechanism and calculates special rewards like financial management for users, aiming to encourage long-term holding.

In other words, Bitget is actively filtering users for IPO Prime, retaining those who identify with the "medium-to-long-term scarce asset allocation" logic, turning this into a reusable asset gateway rather than a one-off short-term hype.

 05 Summary

Exchange competition in 2026 is no longer about "who lists more coins," but "who can offer a greater variety of asset classes."

Bitget followed up an $800 billion SpaceX Phase 1 with a trillion-dollar valuation OpenAI Phase 2, breaking down the capital game of Reg D (which requires $1 million net worth / $200,000 annual income, excluding 99% of participants) into $100 shares using blockchain.

SpaceX challenges the boundaries of the aerospace industry, OpenAI challenges the boundaries of intelligence itself, and Bitget challenges the boundaries of traditional finance.

preSPAX has already provided an answer with its 24.8% gain, and the subscription window for preOPAI opened today at 4 PM.

The same ticket, from Musk's vast seas of stars, extends to Altman's intelligent future.