Four months later, Bitget has cracked open this door.

Written by: Cathy, Blockchain in Plain Language

In December 2025, SpaceX completed an internal share sale.

Valuation at 800 billion dollars, the highest in SpaceX's history. However, the shares had already been snatched up by internal employees and institutions, leaving ordinary people to see news but not hold a ticket to enter.

Four months later, Bitget has cracked open this door.

On April 21, the first project of IPO Prime, preSPAX, launched for spot trading. For the first time at a centralized exchange, a platform allowed ordinary users to participate in pre-IPO investments in top unicorns like SpaceX using stablecoins.

In the following three weeks, the market gave more direct feedback than expected: preSPAX surged from an issuance price of 650 dollars to a peak of 811.22 dollars, with a maximum increase of 24.8%.

This afternoon at 4 PM, the second crack also opened—Bitget IPO Prime’s second phase, preOPAI, has begun subscription, with underlying assets linked to OpenAI.

The issuers for both phases are regulated compliance institutions Republic.

01 How thick is this wall

The crypto industry has had a tough two years in terms of earnings.

It’s not a price issue—BTC has hit new highs, and ETH is still alive. The problem is that the stories of old assets have been told: people buying BTC are no longer betting on changing the world, but are more focused on allocating a kind of "anti-inflation asset."

Many turned their attention to companies that have not gone public yet. But there is a wall there.

PwC’s "Global Top 100 Unicorns 2025" data: the total valuation of the top 100 unicorns worldwide is approximately 2.94 trillion dollars, which has increased several times—or even dozens of times—in recent years—but ordinary investors have almost no chance to share in it.

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

SpaceX is the most extreme case among them.

Founded by Musk in 2002; the Falcon 9 has accumulated more than 600 launches and recently accounted for about 90% of global orbital launch mass; Starlink has over 10 million subscribers across more than 150 countries, with estimated revenues of about 11.4 to 11.8 billion dollars in 2025.

A company that has turned rocket launches into an assembly line process has never gone public. The internal share sale in December 2025 valued it for the first time over 800 billion—but nearly all participants were insiders.

This is the problem that Bitget IPO Prime aims to solve.

02 How Bitget made this happen

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

Why choose SpaceX first

Earlier this year, Musk announced that SpaceX acquired xAI, upgrading SpaceX’s narrative from an aerospace company to a platform that "delivers AI and computing power into orbit."

Bitget's strategic direction is a Universal Exchange, integrating crypto assets, tokenized stocks, commodities, and foreign exchange into one platform—Pre-IPO is the last piece lacking in this map.

Finding Republic: Two years of fate, half a year's negotiation

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

Bitget CEO Gracy Chen met Republic Co-CEO Andrew Durgee two years ago. However, in-depth research at the company level only began in September 2025, and formal cooperation was only initiated at the beginning of the year.

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

The cooperation model was set to be very strict: they must genuinely hold the corresponding Pre-IPO equity and hold it through an independent SPV, and Republic would then tokenize the SPV equity. The tokens represent real purchased equity shares, not contracts or on-chain exposures.

The final sprint

The SpaceX acquisition of xAI once again disrupted the rhythm, creating instant confusion in market pricing. The team needed to quickly re-verify assets, coordinate equity sellers, and persuade Republic's compliance officers.

Ultimately, Bitget secured about 60 million dollars in total subscription pool, and the subscription threshold was lowered to 100 dollars.

Gracy Chen said: "We want Web3 users to be able to share in Musk's celestial ambitions just like top venture capitalists."

03 How is the first phase preSPAX doing now

• First, to clarify: preSPAX is not actual SpaceX stock; it is a debt certificate from the issuer to the holders, reflecting SpaceX's performance, without equity, voting rights, or dividends.
• Core parameters: implied valuation of 1.5 trillion dollars, total subscription volume of 94,000 shares, at 650 dollars each, totaling about 61.1 million dollars; minimum investment starting at 100 dollars, with a VIP 7 cap of 300,000 dollars.
• Subscription side: over three days, 177 million dollars flowed in.
• The subscription window was three days. Four hours after opening, investment exceeded 77 million dollars, breaking 100 million the next day, and totaled 177 million dollars at closure, with 14,435 participants—almost 2.9 times oversubscribed.

On the secondary side: maximum increase of 24.8% since listing

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

In the following three weeks, the market's attitude was much clearer than on the opening day. preSPAX/USDT reached a peak of 811.22 dollars since its listing, with a maximum increase of 24.8% from the issuance price of 650 dollars, pushing the implied valuation from 1.54 trillion dollars to about 1.92 trillion dollars at one point.

When looking at the entire market exposure for SpaceX (taking the peak of preSPAX since its listing, while other channels refer to April 21):

Based on the issuance price, preSPAX is the lowest entry price among all tradable SpaceX exposures, and it does not require qualified investor qualifications.

This also explains why more than half of the subscribing users did not immediately sell after the opening—they were not betting on a few percentage points of opening premium, but were instead investing in the entire path of SpaceX's primary valuation converging towards the IPO pricing.

SpaceX is expected to land on NASDAQ in June 2026, with a target price of 737 dollars per share (valuing at 1.75 trillion dollars), with a retail quota of 30%—a rare high ratio in large US IPOs.

According to mainstream brokerages' baseline scenarios, starting from the preSPAX 650 dollar issuance price, the upward potential in six months is estimated to be between approximately 13% and 20%, with an optimistic scenario of 30% to 46%.

04 The second crack, opened at OpenAI

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

Previously, Bitget had already delved deep into tokenized stocks for some time. Lookonchain data indicates that in its early days, Bitget's stock tokens accumulated a trading volume of 1 billion dollars; by December 2025, the single-month trading volume accounted for 89.1% of Ondo's global market share.

IPO Prime is an upward extension: moving from the secondary market's tokenized stocks to the primary market's Pre-IPO shares. The achievement of the first phase, preSPAX, directly spurred the second phase.

Core parameters of preOPAI

The compliance framework is consistent with the first phase: Republic, a Cayman exempt entity, issues Mirror Notes following the US Securities Act of 1933 Regulation S, 1:1 pegged to OpenAI IPO economic benefits, subject to CIMA regulation and annual audits.

OpenAI has an implied valuation of 898.2 billion dollars, with 1 preOPAI priced at 725 dollars, with a total subscription volume of 29,082 shares, totaling about 21.08 million dollars, and an investment pool cap of 300 million dollars, with a minimum investment starting at 100 dollars; personal investment caps for VIP range from 10,000 dollars (VIP 0) to 600,000 dollars (VIP 7), supporting both USDT and USDGO.

Bitget’s Chinese head, Xie Jiayin, characterized this phase as: "preOPAI is the only token on the entire network underpinned by real equity."

This points back to the earlier Republic + SPV + Mirror Note structure—the economic benefits behind the tokens are tied 1:1 to OpenAI’s primary equity, not IDOs, not contractual air, and not on-chain naked exposure.

Why OpenAI

In three years, the valuation has multiplied by 28 times: from a 30 billion dollar private placement round in April 2023 (Thrive Capital + Microsoft) to a super financing round of 852 billion dollars in March 2026 (SoftBank, a16z, Microsoft, Nvidia, Amazon).

ARR is expected to exceed 20 billion dollars by the end of 2025, achieving a tenfold increase in three years, making it the fastest company in SaaS history to reach 20 billion ARR.

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

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

Rule adjustments

The second phase introduced a partial lock-up mechanism and prepared special rewards for users like investment funds, aiming to encourage long holding.

In other words, Bitget is proactively filtering users for IPO Prime, allowing those who recognize the "mid to long-term scarce asset allocation" logic to stay, turning this into a reusable asset entry rather than a one-time short-term hotspot.

05 Summary

The competition in exchanges in 2026 is no longer about "who has more coins," but "who can offer a wider variety of asset classes."

Bitget connects with SpaceX's 800 billion and with OpenAI's trillion-dollar valuation, taking the capital game of Reg D "net worth of 1 million dollars / annual income 200,000 dollars" that excludes 99% of participants and breaking it down to 100 dollars per share.

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 an increase of 24.8%, and the subscription window for preOPAI opened today at 4 PM.

The same entrance ticket has passed from Musk's celestial ambitions to Ultraman's intelligent future.