preSPAX: Because Not Everyone Can Afford to Be Elon's Co-Pilot—Bitget Launches SpaceX IPO Proxy Token

Bitget is strapping rocket boosters to retail speculation with the launch of a SpaceX-themed synthetic asset via its IPO Prime platform—because apparently, not everyone can casually drop $200 million to join Elon’s inner circle over tacos and Mars talk. The new token, dubbed preSPAX, is less “shareholder” and more “financial cosplay,” letting degens ride the hype wave of a future SpaceX public listing without actually owning so much as a bolt from a Falcon 9. Think of it as a VIP pass to a concert that hasn’t even scheduled a venue yet.

This financial stunt, brought to you by Republic (yes, that Republic—the platform that made you briefly believe your $50 stake in a failed scooter startup mattered), rolls out via a subscription sale from April 18 to 21. OTC trading kicks off the same day the sale ends, because nothing says “long-term investment” like immediate liquidity. Priced at a cool $650 per token—roughly the cost of two first-class tickets to anywhere, but way more fun—you can grab one before they blast off. A total of 94,000 tokens are available, aggregating to $61.1 million in subscriptions, which implies a SpaceX valuation of $1.5 trillion. That’s like saying your goldfish is worth a yacht, but in crypto, we call that “market sentiment.”

Here’s where we insert the legally mandated reality check: preSPAX is not, in any universe, actual SpaceX stock. It’s a digital puppet on a string, dancing to the tune of SpaceX’s future IPO performance. The issuer promises to settle in tokens or USDT once the underlying debt asset’s lockup period ends post-IPO—assuming, of course, that SpaceX doesn’t decide to just NFT the entire company and call it a day. The value is synthetic, the exposure is indirect, and the only thing burning hotter than a reentry chute is the fine print.

Bitget makes zero bones about it: preSPAX creates no legal ties to SpaceX. No endorsement, no approval, not even a friendly nod from Gwynne Shotwell’s legal team. It’s like showing up to a family reunion with a fake last name and a PowerPoint on how you’ve always felt like a Musk. The product is strictly a speculative instrument—perfect for those who enjoy volatility with their morning coffee and risk profiles that make compliance officers cry.

The timing, however, is no joke. SpaceX is reportedly gearing up for what could be the financial equivalent of a lunar landing. Bloomberg dropped a bombshell on April 1: the rocket giant filed confidentially for an IPO, letting it whisper its financials to the SEC before the public gets to meme them into oblivion. This “quiet period” move is standard, but the scale? Anything but. The stealth filing suggests that when the curtain lifts, SpaceX might be aiming for a valuation above $1.75 trillion. For context, that’s more than Apple on a good hair day.

And just when you thought that number couldn’t get more cartoonish, Bloomberg circled back with fresh tea: SpaceX may now be eyeing a valuation north of $2 trillion. Yes, trillion—with a “T.” The same report suggests it could raise up to $75 billion in the offering. To put that in perspective, that’s enough cash to fund every failed Web3 influencer’s podcast for the next decade. Earlier whispers in December mentioned a $1.5 trillion target and a $30 billion raise, but clearly, someone at SpaceX’s HQ read the room—and the room said “moon or bust.”

The $2 trillion fantasy hinges