SpaceX stages Pre-IPO: A delayed financial equity

Original: Mach, Foresight News

Once, the crypto industry attracted countless people to rush in due to its enormous wealth effect. Beneath the liquidity feast, there was a festive atmosphere, with countless dreams and wealth myths intertwined. However, if we review the market performance of the past six months, most people would likely be quite disappointed. Yes, the crypto space that once provided countless ordinary people with opportunities to participate in venture capital now often ends with extreme PvP, where tokens face severe selling pressure as soon as they go live.

The wealth effect has sharply diminished, and feelings of despair are spreading. However, when we slightly detach our perspective from the crypto space, we find that the development in fields such as AI, robotics, and aerospace is so rapid, and the performance of the stock market is also noteworthy, leading many in the crypto space to shift to the U.S. stock market by 2025.

Top Equity ------ A "Closed Game" for the Few

According to PwC's report "Global Top 100 Unicorns 2025," the total valuation of the world's top 100 unicorn companies has reached approximately $2.9 trillion. These companies have seen their valuations grow 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, with venture capital firms and qualified investors inside, a "club game" for a very small number of top VCs and ultra-high-net-worth individuals. Whether it's leading brokerages or specialized private equity funds, the participation threshold is at least over 3 million yuan.

Outside the wall are ordinary people with no resources or connections. High thresholds, low liquidity, and complex legal procedures ------ these factors together form a barrier that is almost insurmountable. Shares of SpaceX were previously inaccessible to ordinary investors.

But now, the situation is changing.

In April 2026, Bitget launched a new token sale platform, IPO Prime, aimed at allowing ordinary people to participate in Pre-IPO investments in global top companies. This allows real "big projects" to involve ordinary retail investors and share in the dividends of industry development.

The first asset to go live is SpaceX.

The competition among exchanges in 2026 is no longer a competition of "the number of cryptocurrencies," but a competition of "liquidity across all asset categories."

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

An interesting phenomenon is that top crypto exchanges like Binance and Coinbase have yet to venture into Pre-IPO, while Bitget has become the first player to "eat the crab." This attempt is essentially breaking down financial barriers caused by geography, capital thresholds, and identity access, allowing ordinary crypto retail investors to participate in top assets with minimal friction.

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

Bitget allows ordinary retail investors to enjoy the dividends brought by financial equality, investing in "big projects" like traditional venture capital to achieve high returns.

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

Taking the preSPAX token launched in the first phase as an example, this token is issued by Republic.

Bitget CEO Gracy revealed that the choice of Republic was very solid. "They operate with full licensing: they have connected the complete chain from 'issuance---distribution---trading,' possess cross-jurisdictional compliance capabilities and end-to-end RWA service capabilities, and are one of the few global platforms with compliance qualifications in the U.S., Europe, and Asia. Their shareholders are also top-tier, including Valor Equity Partners (early investors in Tesla and SpaceX) and Web3 players like Avalanche and YZi Labs."

The preSPAX token reflects the economic performance after SpaceX's IPO, but it should be noted that it is not the actual stock of SpaceX; holding the token does not represent holding equity in SpaceX and does not confer voting rights, dividend rights, or other shareholder rights.

The benefits of this "mirroring" mechanism are obvious:

• Low threshold: Users can participate with just USDT and USDGO, without needing qualified investor status.

• Strong liquidity: An over-the-counter trading market opens after the subscription ends, allowing for 24/7 trading.

• Flexible exit: Users can choose to sell in the secondary market or wait for the token to be exchanged for stock tokens or USDT after the IPO.

What is the biggest pain point of traditional Pre-IPO investment? Once your money is invested, you may not be able to withdraw it for years.

Taking SpaceX as an example, this company has been established since 2002 and is now 23 years old, yet it still has not gone public. If you purchased SpaceX's Pre-IPO shares through traditional channels, you might have to wait several years or even longer to exit. During this time, your funds are completely locked and cannot flow.

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

The innovation of Bitget IPO Prime lies in its immediate opening of the over-the-counter trading market after the subscription ends. This liquidity design is a huge attraction for ordinary investors. After all, investors often remain cautious about the opportunity cost brought by long-term lock-up.

Moreover, allowing users to directly participate in the IPO with stablecoins breaks the historical precedent of equity investment. Stablecoins are no longer just a medium for cross-border transfers and on-chain token trading, but one of the payment methods for participating in compliant IPOs.

Ordinary retail investors do not 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 has submitted its IPO application, 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 time, SpaceX would become the sixth most valuable company in the U.S., following Nvidia, Apple, Microsoft, Amazon, and Alphabet.

According to the latest data from Polymarket, the market currently bets that the probability of its official closing market value on the first day of listing exceeding $1.8 trillion has risen to 70%, with a 49% probability of exceeding $2 trillion.

Why is SpaceX worth so much? The answer lies in its business landscape.

SpaceX boasts three killer advantages, allowing it to dominate globally.

• Falcon 9: The world's first orbital-class reusable rocket, having completed over 150 launch missions, accounting for about 90% of global orbital launch mass. The reusable technology has reduced launch costs by several times, which is key to SpaceX's dominant position in the commercial launch market.

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

• Starship: The next-generation fully reusable transportation system, aimed at achieving manned Mars missions and multi-planetary survival. Although still in development, its progress lays the foundation for SpaceX's long-term vision.

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

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

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 about $350 billion.

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

This time, Bitget chose to share the wealth opportunity of SpaceX with users, perhaps not by coincidence.

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

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

On April 18, Bitget will update its related pages before the event opens, allowing retail investors to officially participate. Funding input will end at 2 PM on April 21, and the distribution of preSPAX tokens will begin, with over-the-counter trading opening at 8 PM on the 21st.

IPO Prime adopts a subscription model, allowing eligible users to participate in the subscription, with the individual subscription limit capped according to the user's Bitget VIP level.

• The implied valuation for users participating in the subscription of SpaceX is: $1.5 trillion

• Total subscription amount: 94,000 shares, total value of $61.1 million

• Subscription price: $650 per preSPAX share.

• Supported input currencies currently: USDT or USDGO

• The minimum individual investment limit is: $100

• The maximum limit varies according to VIP level differences, with the highest individual investment cap for VIP 7 being $300,000.

After the end of IPO Prime, users can buy and sell preSPAX tokens in the subsequently opened Bitget over-the-counter trading market according to the rules. Additionally, they can wait for the underlying debt asset's lock-up period to end (usually about six months after SpaceX's IPO), at which point the issuer will entrust Bitget to exchange them for stock tokens or USDT at the market price of the target company's stock.

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

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

The program offers three independent promotion paths: contract trading, spot trading, and position volume. Each type of player can find a suitable promotion path.

This year, Bitget accelerated its VIP layout, not only optimizing its level promotion paths but also upgrading its contract VIP service system and launching the "Millionaire Club" plan, where eligible users can receive customized high-end physical gift boxes from the platform monthly. This plan runs from January to June 2026, and previous gifts have included boxes from Moutai, Hermès, and more.

Conclusion

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

According to data from on-chain tracking platform Lookonchain, the cumulative trading volume of Bitget's stock tokens has reached $1 billion. Among them, the single-month trading volume in December 2025 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 macro events without waiting for the New York opening bell.

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

From the perspective of industry competition, if the CEX debut of IPO Prime later generates wealth effects, 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 exhilarating.

Breaking down the walls of Wall Street to make top equity investment opportunities accessible is an important step towards the maturity of the crypto industry.

This financial equality space experiment is about to unfold.