From SpaceX to OpenAI, Bitget bets Pre-IPO, real revolution or false demand

AuthorCathyWord block chain

 

In December 2025, SpaceX completed an internal stock sale. The estimate is $80 billion and SpaceX is the highest ever. However, the shares were already divided between internal staff and institutions, and ordinary people could see the news and not get tickets。

Four months later, Bitget opened the door。

On 21 April, the first IPO Prime project preSPAX went live。For the first time in the Centralized Exchange, there is a platform to engage ordinary users in SpaceX, the pre-market investment of the top unicorn。

In the next three weeks, the feedback from the market was more direct than expected: preSPAX ran from $650 to $811.22, with a maximum increase of 24.8 per cent。

This afternoon, at 4 p.m., the second suture also opened - Bitget IPO Prime II preOPAI, bottom asset tied to OpenAI. Both issues are issued by regulated compliance agencies, Republic。

How thick is this wall

THE ENCRYPTION INDUSTRY HAS BEEN MAKING BAD MONEY FOR THE LAST TWO YEARS. IT'S NOT THE PRICE PROBLEM -- BTC'S UP HIGH, ETH IS STILL ALIVE. THE PROBLEM IS THAT THE STORY OF OLD ASSETS IS OVER: PEOPLE WHO BUY BTCS ARE NO LONGER IN JAIL TO CHANGE THE WORLD, BUT ARE PUTTING IN A “ANTI-INFLATION ASSET”。

Many have turned their eyes to companies that are not listed. But there's a wall。

PwC's “Global Top 100 United 2025” data: The world's top 100 major unicorns, estimated at around 2.94 trillion dollars, have doubled or even multiplied over the past few years — but ordinary investors are almost impossible to share。

The traditional Pre-IPO investment threshold starts with RMB 3 million and is the top VC and super-high net value population for "closed game."。

SpaceX is one of the most extreme cases. Mask was created in 2002; Falcon 9 has over 600 cumulative launches and has in recent years accounted for about 90 per cent of global orbital in-orbit mass; Starlink has over 10 million subscribers in over 150 countries, and in 2025 it received about $114-11.8 billion。

A company that turned rocket fire into a streaming line operation had never been listed. In December 2025, the internal stock sales valuation broke for the first time by $80 billion — but almost all the participants were insiders。

That's the problem Bitget IPO Prime wants to solve。

How did Bitget do this

None of the front exchanges such as François and Coinbase are currently involved in the Pre-IPO market, Bitget being the first。

Why preferred? SpaceX

At the beginning of this year, MaceX announced the acquisition of XAI to upgrade SpaceX narratives from a space company to a carrier that “puts AI and computing into orbit”。

The strategic direction of Bitget is to integrate encrypted assets, tokenized stocks, bulk commodities, and foreign exchange into one platform, Pre-IPO, the last gap in this map。

Finding Republic: two years, half a year of negotiations

Pre-IPO markets are fragmented and many of the platform ' s bottom assets are unclear。

Bitget CEO Grace Chen met Republic two years ago. However, in-depth research at the corporate level began in September 2025 and formally advanced cooperation only early in the year。

Republic is a few full-licensed platform with compliance qualifications in the US-Eurasia, with shareholders including Valor Equity Partners (early investors in Tesla and SpaceX)。

The model of cooperation is well established: it must have the right shares in Pre-IPO, held independently of SPV, and Republic will then monetize SPV rights. Underlying the token is a real buy-in share, not a contract or chain opening。

Last sprint

SpaceX acquisition xAI once again disrupted the rhythm and market pricing was suddenly in disarray. The team needs to re-check assets in a very short period of time, coordinate equity vendors, and convince Republic compliance officers。

In the end, Bitget received a total subscription pool of about $6.0 million and the threshold was set at $100. Gracie Chen said, "We want Web3 users to share the stars and oceans of Mask, like the top winds."

03, preSPAX, what now

First, preSPAX is not a real SpaceX stock; it is the issuer ' s debt certificate to the holder, reflecting SpaceX performance, and does not enjoy equity, voting rights and red power。

Core parameters:IMPLIED VALUATION OF $1.5 TRILLION, WITH TOTAL SUBSCRIPTIONS OF $94,000 AT $650 MILLION EACH, FOR A TOTAL OF APPROXIMATELY $61.1 MILLION; MINIMUM INVESTMENT OF $100, WITH A CEILING OF $0.3 MILLION FOR VIP 7。

Subscription: three days, $177 million coming in

The subscription window for three days. Four hours after opening, $770 million went through, $100 million went through the next day, $177 million at the close of the gate, 14,435 people were involved - nearly 2.9 times。

Second end: highest increase since listing 24.8%

PreSPAX opened at 8 p.m. on 21 April, with a maximum of 662 USDT (+1.85 per cent) steady near 653.4 USDT (+0.52 per cent)。

In the next three weeks, the market attitude is much clearer than the opening day. The highest amount of $811.22 since the preSPAX/USDT was listed was the largest 24.8 per cent increase over the $650 issuance price, with the corresponding implied valuation being pushed from $1.54 trillion to about $192 trillion。

Read it on the entire market of SpaceX open (preSPAX has been high since it was taken on the market, the rest of the channel is on April 21st):

PreSPAX, at the issue price, is the one with the lowest entry price in all tradeable SpaceX openings and does not require qualifications of qualified investors. And that explains why more than half of the subscribers did not immediately sell - Rather than a few percentage points of open premium, they were charged a full-scale path to the IPO price of SpaceX。

SpaceX expects to land in Nazdak in June 2026 at a target price of $737 per share (market value of $1.75 trillion), a bulk quota of 30 per cent — a rare high percentage of large IPOs in US stock. Based on the mainstream voucher base scenario, from the preSPAX $650 issuance price, 6 months of uptime space is about 13 to 20 per cent, and 30 to 46 per cent in the optimistic scenario。

04 Second stitch on OpenAI

IPO Prime is not Bitget's first step in the direction of monetized assets。

Before that, Bitget had been plowing for some time. The Lokonchain data show that in the early days of the line, the cumulative turnover of Bitget stocks amounted to $1 billion; in December 2025, single-month transactions accounted for 89.1 per cent of the global market share of Ondo。

IPO Prime is an upward extension: from a monetized stock in the secondary market to a Pre-IPO share in the first market. The results of the first preSPAX were the direct result of the second。

core parameters

• Compliance frameworkIn line with the first issue: Republic Cayman Exemption Entity issued Mirror Note under United States Securities Act 1933 S regulation, 1:1 anchors OpenAI IPO economic gains, CIMA regulatory + annual audit。

• The implicit valuation of OpenAI is $8,982 million,1 preOPAC = $725, with a total of 290,082 subscriptions, totalling approximately $21,082 with a maximum investment pool of $300 million, with a minimum of $100; and VIP personal input ceiling ranging from $10,000 (VIP 0) to $600,000 (VIP 7) in support of UDTT and UNISGO。

The Chinese-speaking director of Bitget Xie's printing characterises this period as: "preOPAI is the only currency on the Internet supported by real equity." What points to is the structure of the front Republic + SPV + Mirror Note — the economic gain behind the token is tied to OpenAI Level One:1, not IDO, not contract air, nor the nakedness of the chain。

Why OpenAI

• The three-year valuation has increased by 28 times: in April 2023, $30 billion in private corporate + Microsoft, and by March 2026, $85.2 billion in super-financing vessels (soft silver, a16z, Microsoft, Nvidia, Amazon)。

• By the end of the year, ARR 2025 had broken $20 billion, 10 times more in three years, and SaaS was the fastest 20 billion ARR company in its history。

• CFO Sarah Friar made a public statement S-1 to be delivered by the end of 2026, IPO anchor 2027, target valuation of $1.5 trillion。

Between 852 billion and 1.5 trillion, the entry price of preOPAI $898.2 billion is the key to this window。

Rule adjustments

The second phase introduced a local locking mechanism and plans to prepare specific incentives for users, such as financial management, with the aim of encouraging sustainability. In other words, Bitget is taking the initiative to screen IPO Prime for users, to keep those who endorse the logic of “middle-long-line scarce asset allocation” and to make it an asset entry point that can be used repeatedly, rather than a short-line hotspot。

Summary

Exchange competition in 2026 is no longer “who has more money”, but rather “who can provide more asset classes”。

Bitget's first round of $80 billion SpaceX, second round of trillion valued OpenAI, excluded the Reg D's “net assets of $1 million/annual income of $0.2 million” capital game of 99 per cent of participants, with a block chain of $100。

SpaceX challenges the boundaries of the space industry, OpenAI challenges the boundaries of intelligence itself, Bitget challenges the boundaries of traditional finance。

preSPAX has answered with a 24.8% increase, and the preOPAI subscription window has been opened at 4 p.m. this afternoon。

The same ticket, from the star of Mask to the bright future of Otmann。