preSPAX: Because Buying SpaceX at $1.75 Trillion Feels Cheaper at $650 a Token

Bitget is launching a SpaceX-linked token through its freshly-polished IPO Prime platform, offering crypto degens a synthetic golden ticket to ride the rocket company's eventual public market moonshot. The product, adorably dubbed preSPAX, comes courtesy of Republic and will run a subscription sale from April 18 to April 21, because apparently waiting for actual IPO allocations wasn't painful enough. OTC trading drops same-day for those who refuse to be patient like civilized investors.

No, this isn't direct SpaceX equity. preSPAX is structured to mirror the economic performance of SpaceX stock once the company goes public, sort of like having a Tamagotchi that grows when the real thing does. The offering implies a SpaceX valuation of $1.5 trillion for the token sale, with 94,000 tokens priced at $650 each, totaling $61.1 million in subscription value. That's roughly 0.00000061% of the company per token if you're feeling optimistic and doing the math.

The timing lines up nicely because SpaceX is inching toward what could become one of the biggest IPOs in recorded history. Bloomberg reported on April 1 that SpaceX filed confidentially for an IPO, which is a process allowing companies to submit draft registration documents to the SEC under wraps before hitting the roadshow trail. Yes, April Fool's Day, we're aware, but this one checks out.

Bloomberg noted SpaceX could target a valuation exceeding $1.75 trillion. A December report put the target at roughly $1.5 trillion with a fundraise exceeding $30 billion. A listing above $1.75 trillion would come after SpaceX's merger with xAI, which valued SpaceX at $1 trillion and xAI at $250 billion, because Elon apparently needed to combine his space dreams with his AI obsession somehow.

Later reports indicate SpaceX raised its IPO target to over $2 trillion and could seek up to $75 billion, because why not go big when your CEO posts memes for a living