Bitget has launched preSPAX, a synthetic token designed to track the future public market performance of SpaceX. The digital asset, issued by Republic, offers users early exposure to SpaceX's potential IPO.
The token sale runs from April 18 to April 21, with OTC trading starting April 21. Bitget clarifies preSPAX is not direct SpaceX equity but a product structured to mirror the company's economic performance post-IPO. The offering documents imply a SpaceX valuation of $1.5 trillion for the token sale.
This launch coincides with SpaceX reportedly moving closer to one of the largest IPOs on record. Confidential filings with the SEC suggest the company could seek a valuation exceeding $1.75 trillion. Earlier reports indicated targets of $1.5 trillion and a $30 billion fundraise.
IPO Prime, Bitget's platform for such offerings, aims to provide crypto users with early economic access to private companies before their public listings. Republic describes its mirror token structure as a regulated product designed for pre-IPO exposure. Bitget's terms emphasize that preSPAX does not create a legal relationship with SpaceX and is not endorsed by the company. Settlement relies on the lockup period of the underlying debt asset ending after a SpaceX IPO.