Written by: Ma He, Foresight News

In the past, the cryptocurrency industry attracted countless people due to the immense wealth effect. Amid the liquidity feast, there were songs and dances, interweaving countless dreams and wealth myths. However, if we review the market performance of the past six months, most people would likely be quite disappointed. Yes, the crypto space that once provided countless ordinary people with opportunities to participate in venture capital seems to often conclude with extreme PvP, leading to severe selling pressure right when tokens are listed.

The wealth effect has sharply diminished, and feelings of despair are spreading. However, when we slightly shift our perspective away from the crypto space, we discover rapid developments in fields like AI, robotics, aerospace, and the stock market's performance has likewise been noteworthy, prompting many in the crypto space to shift to US stocks by 2025.

Top Equity - A "Closed Game" for the Few

According to PwC's report "Global Top 100 Unicorns 2025," the total valuation of the world's top 100 unicorn companies has reached approximately $2.9 trillion. These companies have seen their valuations multiply several times, even dozens of times over the past few years, but ordinary investors can hardly share in this wealth feast.

Traditional Pre-IPO investment channels resemble a high wall, with venture capital firms and qualified investors inside, a "club game" for a select few top VCs and ultra-high-net-worth individuals. Whether it's top brokerages or specialized private equity funds, the participation threshold is at least over 3 million yuan.

Outside the wall are ordinary people with no resources or connections. High thresholds, low liquidity, and complex legal procedures - these factors collectively form an almost insurmountable barrier. Shares in SpaceX were previously inaccessible to ordinary investors.

But now, the situation is changing.

In April 2026, Bitget launched a new token sale platform, IPO Prime, aimed at allowing ordinary people to participate in Pre-IPO investments for global top enterprises. It enables genuine "big projects" to involve ordinary retail investors, allowing them to share in the industry's developmental dividends.

The first project listed is indeed SpaceX.

The competition among exchanges in 2026 is no longer a competition over "number of coins" but rather "liquidity of all asset categories."

While other exchanges are still busy capturing liquidity in the secondary market, real thinkers are already making strides into primary asset issuance through compliant channels. Because the so-called compliance and top asset acquisition capability is no longer a thorny issue.

An interesting phenomenon is that top crypto exchanges like Binance and Coinbase have yet to venture into Pre-IPO, while Bitget has become the first player to "eat the crab." This attempt is essentially about breaking down the financial barriers caused by geography, capital thresholds, and identity access, allowing ordinary crypto retail investors to participate in top assets with minimal friction.

The structural inequality in the traditional venture capital market is rooted in the qualified investor system established by Reg D (U.S. Securities Act Rule D). Within this framework, the equity appreciation gains of super unicorns like SpaceX have long been locked within high-net-worth individuals defined as "investable assets over $1 million" or "annual income over $200,000." This is fundamentally a capital feast that excludes 99% of market participants.

Bitget allows ordinary retail investors to enjoy the dividends brought by financial equality, investing in "big projects" like traditional venture capital to achieve high returns.

Specifically, the assets launched on IPO Prime are issued by compliant issuers who hold equity or related rights in the target company through compliant channels, and then issue digital tokens to "mirror" the economic returns of these equities.

Taking the first listed preSPAX as an example, this token is issued by Republic.

Bitget's CEO Gracy revealed that the choice of Republic was a strong one. "They operate with a full license: connecting the complete chain from 'issuance - distribution - trading', with the capability of compliant operations across jurisdictions and end-to-end RWA service capabilities, making them one of the few global platforms with compliance qualifications in North America, Europe, and Asia. Their backers also belong to a top-tier camp, including Valor Equity Partners (early investors in Tesla and SpaceX), as well as Avalanche and Yzi Labs in the Web3 space."

preSPAX token reflects the economic returns of SpaceX after the IPO, but it is essential to note that it is not a real stock of SpaceX, and holding the token does not represent holding equity in SpaceX, nor does it grant voting rights, dividend rights, or other shareholder rights.

The benefits of this "mirroring" mechanism are evident:

• Low threshold: Users only need USDT and USDGO to participate, with no qualified investor status required
• Strong liquidity: After the subscription ends, an over-the-counter trading market opens for free trading 24/7
• Flexible exit: Users can choose to sell on the secondary market or wait for the post-IPO token to be exchanged for stock tokens or USDT

What are the biggest pain points of traditional Pre-IPO investment? Your money might be locked for years.

Taking SpaceX as an example, this company has been around since its establishment in 2002 for 23 years but has yet to go public. If you purchased SpaceX's Pre-IPO shares through traditional channels, you might have to wait several years or even longer to exit. During this time, your funds are completely locked with no liquidity.

Currently, mainstream Pre-IPO platforms like EquityZen, Forge Global, and Hiive focus on traditional finance and are relatively isolated from the cryptocurrency ecosystem.

The innovation of Bitget IPO Prime lies in its immediate opening of an over-the-counter trading market right after the subscription ends. This liquidity design is a tremendous attraction for ordinary investors who often remain cautious about the opportunity costs associated with long-term lockup.

Furthermore, allowing users to directly participate in IPOs using stablecoins breaks the historical precedent of equity investments. Stablecoins are no longer merely mediators for cross-border transfers or on-chain token trading but are now one of the payment methods for compliant IPO participation.

Ordinary retail investors can partake in this wealth feast without facing the complexities of transfer and capital transaction issues, simply using USDT or USDGO.

The Scarcity Behind SpaceX's $1 Trillion Valuation

In April 2026, both Bloomberg and CNBC released a significant news alert: SpaceX has submitted an IPO application with a target to go public in June 2026, planning to raise about $75 billion and achieve a valuation of up to $1.75 trillion.

If successful, this will become the largest initial public offering in history, surpassing Saudi Aramco's $29 billion fundraising record in 2019. At that time, SpaceX would become the sixth most valuable company in the United States, next only to Nvidia, Apple, Microsoft, Amazon, and Alphabet.

According to the latest data from Polymarket, the probability that its market value will exceed $1.8 trillion on its first day of trading has risen to 70%, while the likelihood of it surpassing $2 trillion is at 49%.

What makes SpaceX worth so much? The answer lies in its business landscape.

SpaceX is currently the leader globally, thanks to three killer apps.

Falcon 9: The world’s first orbital-class reusable rocket, which has completed over 150 launch missions, accounting for about 90% of global orbital launch mass. The reusability technology has reduced launch costs by several multiples, which is key to SpaceX’s dominant position in the commercial launch market.

Starlink: A global satellite internet giant with 9.2 million subscribers in 150 countries, having doubled its user base for two consecutive years. Revenue in 2025 is estimated to be around $16 billion.

Starship: The next-generation fully reusable transport system aimed at achieving human missions to Mars and multi-planetary living. Although still in development, its progress lays the groundwork for SpaceX's long-term vision.

In a public address in June 2025, Musk revealed that SpaceX's revenue for fiscal year 2025 is expected to reach $15.5 billion and could surpass NASA's budget (approximately $18.8 billion) in 2026.

However, SpaceX has long insisted on staying private, and there are very few shares circulating in the secondary market.

In December 2025, SpaceX conducted a secondary share sale allowing employees to sell shares at an $800 billion valuation. This marked the first time SpaceX's valuation exceeded the $800 billion threshold, more than doubling from the previous valuation of about $350 billion.

The problem is, these shares were almost entirely divided among internal employees and institutional investors. For ordinary investors wanting to participate, it is as difficult as reaching the sky.

This time, however, Bitget has chosen to share the wealth opportunity of SpaceX with users, which may not be coincidental.

SpaceX challenges the boundaries of the traditional aerospace industry, while Bitget challenges the boundaries of traditional finance. Both are breaking down the barriers of traditional industries through technological innovation.

Subscription Valuation of $1.5 Trillion, Individual Investment Cap of $300,000

On April 18, Bitget will update its relevant pages before the event opens, allowing retail investors to participate officially. Funding input will end on April 21 at 2 PM, followed by the distribution of preSPAX tokens, with the over-the-counter trading starting at 8 PM on the 21st.

IPO Prime adopts a subscription model, and eligible users can participate, with individual subscription limits capped based on the user's Bitget VIP level.

The implied valuation for users subscribing to SpaceX is $1.5 trillion, with a total of 94,000 subscriptions valued at $61.1 million, and the subscription price for each preSPAX set at $650.

The cryptocurrencies supported for investment currently are USDT or USDGO, with the minimum individual investment limit set at $100, while the maximum limit varies according to VIP levels, with VIP 7 having a maximum cap of $300,000.

After the IPO Prime ends, users can buy and sell preSPAX tokens in the subsequently opened Bitget over-the-counter trading market according to the rules. Additionally, they can await the end of the prohibition period for the underlying debt assets of preSPAX tokens (usually around six months after SpaceX's IPO), where the issuer entrusts Bitget to exchange them for stock tokens or USDT at the market price of the underlying company's stock.

Bitget has initiated two rounds of token airdrops for platform VIP users, with a total amount of $500,000. For high-net-worth users, this equates to a substantial "welcome gift."

In April 2026, Bitget launched a VIP acceleration program. The traditional VIP system typically relies on fixed asset thresholds, such as requiring users to hold a certain number of platform tokens or hitting specific asset scales. However, Bitget disrupted this norm by linking VIP entry to actual trading behavior.

The program offers three independent promotion paths: contract trading, spot trading, and position volume. Every type of player can find an appropriate promotion path for themselves.

This year, Bitget accelerated its VIP layout path, optimizing not only its grade promotion paths but also upgrading its contract VIP service system and launching the "Million Club" plan, where qualifying users can receive monthly customized high-end physical gift boxes. This plan runs from January to June 2026, having previously gifted users with boxes from brands like Moutai and Hermes.

Conclusion

Since 2025, Bitget has been advancing its Universal Exchange (UEX) strategy, integrating the cryptocurrency market, on-chain market, and tokenized assets into a unified trading experience.

According to on-chain tracking platform Lookonchain, the cumulative trading volume of Bitget's stock tokens has reached $1 billion, with December 2025's monthly trading volume accounting for 89.1% of Ondo's global market share.

Unlike traditional brokerages, Bitget's tokenized stocks can be traded 24/7. This allows global investors to respond instantly to financial reports or macro events without waiting for the New York opening bell.

Through IPO Prime, Bitget expands the investable asset categories from cryptocurrencies and tokenized stocks to Pre-IPO unicorn equity.

From a competitive industry perspective, if the CEX debut of IPO Prime subsequently creates wealth effects, it undoubtedly holds significant meaning.

Not every opportunity for wealth can be seized, but the wealth earned through in-depth study and daring courage is the most exhilarating.

Breaking the walls of Wall Street to make top equity investment opportunities within reach is an essential step toward the maturity of the crypto industry.

This financial equality experiment in space is about to unfold.