Author: White Runner

SpaceX's IPO prospectus took the internet by storm overnight.

This super unicorn has finally brought its books to the public market: Starship, Starlink, Musk, the Mars program, and a possible target valuation of up to $17.5 trillion. According to Reuters, SpaceX's listing could become one of the largest IPOs in history, potentially rewriting the pricing of later-stage tech company financing and exits.

As one of the most well-known private companies globally, everyone is focused on SpaceX, but the few who can participate in its equity beforehand have always been a select group of insiders, institutions, and primary market investors.

And the market can no longer wait.

On Bitget, SpaceX-related products preSPCX (formerly preSPAX) have surged over 40%. SpaceX's IPO is still on its way, but the anticipated trading surrounding it has already begun.

The wealth effect is shifting from "crypto narratives" to "cross-asset opportunities"

In the past, CEXs attracted users mainly through internal crypto opportunities: new coin launches, Launchpad, memes, contracts, and platform tokens. Users cared about who could snag the next hot project and who could get in before the opening bell.

However, in a weak cycle, this logic has become increasingly hard to sustain. The narrative density of purely crypto-native assets is declining, new coins peak upon launch, meme hotspots rotate quickly, and platforms find it hard to continually generate wealth effects just by "listing new tokens."

Meanwhile, external financial markets are providing new materials. On one hand, traditional foreign stock entries have become more sensitive; on the other hand, U.S. stocks, AI, commercial space, Pre-IPO assets, and other investments continue to attract global funds. Users' interest in quality overseas assets has not vanished; it's just that the direct paths to participation are narrowing.

This creates a new misalignment: traders do not necessarily want to trade cryptocurrencies; they want to trade anything that promises returns. U.S. stocks, gold, forex, AI, SpaceX, OpenAI, and even the expectations surrounding these assets before they go public can all become new trading targets.

SpaceX is the most typical example. It has not officially IPO'ed yet, but surrounding its expected listing, platforms like Binance, Bitget, and Trade.xyz have already launched relevant perpetual contracts, allowing users to trade on SpaceX's price expectations early. FT also mentioned that these products do not provide stock ownership and essentially allow users to bet on valuation changes before and after SpaceX goes public.

In this multiple context, the significance of Bitget's Pre-IPO is not just that a few new products have been added; instead, it signifies that the asset supply boundaries of CEXs are expanding: from "who can get on the next hot coin" to "who can early convert global hot asset expectations into tradable products."

As new coins lose their appeal, private giants have become the new story for exchanges.

Bitget IPO Prime: From doubt to reputation reversal

When Bitget IPO Prime was first launched, the market's initial reaction was more about curiosity and skepticism.

This is understandable. SpaceX and OpenAI have not yet gone public, so when ordinary users suddenly could subscribe to their Pre-IPO related products on an exchange, the first reaction is often not "opportunity has arrived," but rather "is this trading air," "is this really equity," or "is the valuation too high."

As we can see later, Bitget's Greater China head, Xie Jiayin, has been continuously responding positively to user questions and emotions on Twitter: interpreting the product logic of IPO Prime, the source of underlying assets, Republic's role in issuance, and the boundaries between preSPAX, preOPAI, and real equity and economic rights.

He acknowledges that early rules had shortcomings, stating that "all rule iterations are born from criticism"; on the other hand, he repeatedly emphasizes that the core purpose of Bitget doing IPO Prime is to lower the threshold for primary market opportunities that previously belonged only to institutions and high-net-worth individuals, bringing them to more ordinary users.

He also stressed multiple times in tweets that preOPAI is "the only token in the entire network backed by real equity," with several KOLs writing analyses and giving positive conclusions, making this "real equity support" an important footnote in the shift of public opinion.

Subsequently, the market was ultimately convinced by actual returns. As price performance materialized, rules improved, and users deepened their understanding of the product structure, the original skepticism was gradually replaced by discussions around "can it double," "looking forward to the next product," and "how to upgrade VIP levels."

To some extent, preSPCX has borne the educational costs and public opinion pressure for IPO Prime, while preOPAI completed its reputation reversal within a more mature product narrative and clearer market expectations. Bitget IPO Prime has thus gradually transformed from a questioned new concept into a Pre-IPO asset entry that users are willing to continuously follow and participate in.

According to Bitget's announcement, preSPCX, as the first project of IPO Prime, has a total supply of 94,000 tokens, a total subscription value of $61.1 million, and a subscription price of $650. preOPAI is the second project with a total subscription volume of 29,082 tokens and a total subscription value of approximately $21.08445 million, with a subscription price of $725. In addition, there are perpetual contract products SPCXUSDT and OPAIUSDT.

If we look at the highest increases, preSPCX rose from $650 to $948, an increase of 45.8%, while preOPAI rose from $725 to $1,079, an increase of 48.8%, which indeed constitutes clear paper profits. In my view, these earnings derive from three layers.

The first layer is the price difference between the subscription price and the secondary market pricing. Users participate in subscriptions through IPO Prime, and when the project launches on the spot market, the market will re-price around the pre-IPO expectations for SpaceX and OpenAI. For what was originally a low-liquidity Pre-IPO exposure, spot trading also provides clearer exit, reallocation, and short-term trading space.

The second layer is the change in participation thresholds. Traditional Pre-IPOs often only target institutions, high-net-worth users, and those who meet capital verification requirements, making it difficult for ordinary users to access assets like SpaceX and OpenAI. Bitget IPO Prime transforms these types of primary market opportunities into subscription and trading products that ordinary exchange users can participate in. The wealth effect does not only come from price rises but also from "in the past you couldn’t participate, now at least there is an entry point."

The third layer is the additional benefits from VIP airdrops. Bitget set up two rounds of VIP airdrops around preSPCX: the first round for existing VIP users, with a prize pool of 760 preSPCX; the second round for VIP users who upgraded during the event, with a prize pool of 190 preSPCX, totaling 950 tokens across both rounds. Calculating based on a subscription price of $650, this corresponds to a nominal value of about $617,500 (which has already risen to $860,500 based on current prices). This makes IPO Prime not just a subscription product but also incorporates it into the user rights system of the platform.

("The airdrop to the VIP5 brother is enviably large; Xie Jiayin's "heeding advice" performance has also boosted reputation)

These three layers of value are also what make Bitget IPO Prime worth discussing: subscriptions provided early chips, spot trading provided liquidity, and VIP airdrops incorporated Pre-IPO exposure into the user rights system; SPCXUSDT and OPAIUSDT further extended SpaceX's pre-IPO expectations into the contract market.

Therefore, the market's attitude toward Bitget IPO Prime continues to evolve. Early skepticism focused on structure, valuation, and liquidity; now, there is more focus on the gains seen from the first two products, the additional benefits brought by VIP airdrops, and whether they can continue to secure assets at the level of SpaceX and OpenAI.

As it stands, Bitget IPO Prime has preliminarily concluded its logic: transforming expectations for top-level private companies into a new wealth entry that ordinary users can participate in, which can be distributed by the platform, and traded in the market.

From U.S. stock products to Pre-IPO: Bitget's full asset strategy

From the long-term perspective of participating in Bitget's projects, Bitget's move into Pre-IPO is not an isolated action. Viewed within the context of the overall exchange competition, this is more like a part of CEX's expansion from crypto-native assets into global asset expectations, and is an extension of its UEX (Universal Exchange, full asset exchange) strategy.

In the past, exchanges competed based on listing speed, contract depth, Launchpad quotas, and platform token ecosystems; now, competition is expanding horizontally. Users do not just want to trade BTC, ETH, or memes; they also want to trade U.S. stocks, gold, forex, AI, SpaceX, OpenAI, and the expectations of these assets before they have officially opened for trading.

When it comes to U.S. stock and Pre-IPO products, Binance, OKX, and Bitget have already explored different paths.

Overall, the differences among the three can be summarized as follows: Binance leans more towards contractualized TradFi exposure, OKX focuses on rapidly expanding stock and Pre-IPO perpetual categories, whereas Bitget covers a wider range of product types, emphasizes real asset support, and has built a richer user rights ecosystem through subscriptions, spot trades, contracts, and VIP airdrops.

Observing the direction of exchanges, U.S. stock products are clearly becoming the next round of expansion for CEXs. Pre-IPOs, tokenized stocks, stock contracts, and RWA indices may vary in form, but fundamentally they all answer the same question: how can exchanges expand users from "only trading crypto" to "trading important global assets."

For exchanges, this means new asset supplies, new trading scenarios, and new ways to retain users; for users, it also means that the trading objects are changing. In the past, everyone was looking for the next new coin on CEXs; now they may start looking for the next SpaceX or OpenAI that hasn't yet gone public, or the next global asset that can be tokenized, contracted, or indexed.

Thus, Bitget's Pre-IPO wealth effect cannot be viewed solely through the lens of the increase in individual projects. It is more like an entry point into CEX's cross-asset competition: who can find high-recognition assets quicker, who can package them into tradable products, and who may gain the upper hand in the next round of asset supply competition.

Whether the wealth effect can be sustained depends on who can turn global narratives into user opportunities

The significance of SpaceX goes beyond just bringing a rocket company to the capital market. What it truly brings to the public market is a composite vision of commercial space, Starlink networks, orbital infrastructure, AI, and the future space economy. The value of the IPO is not just about allowing shareholders to exit but about letting this long-held narrative in the private market accept public pricing by global capital for the first time.

Bitget's UEX strategy points to a similar logic. It is not just about adding a few more U.S. stock or Pre-IPO products; it is about packaging quality global assets, U.S. stocks, gold, forex, etc., into a 24/7 crypto trading entry for crypto users to trade.

We have also seen that Bitget's products related to SpaceX and OpenAI have risen over 40% in less than a month, providing a total of $617,500 in airdrops to VIP users based on the corresponding subscription price. The price difference, secondary market liquidity, VIP benefits, and contract trading together form a massive wealth effect. In the current bear market environment of panic, such clear positive feedback is indeed rare.

At the time of writing this article, Bitget has also introduced a new initiative, launching the RWA protocol Reality, which connects directly to U.S. stock liquidity and supports dividends. Bitget is bringing more real-world assets into a unified trading scenario. Memes may cool down, but the market's demand for quality assets, liquidity, and trading efficiency will not disappear.

SpaceX’s Starship continues to soar, and its IPO is pushing the imagination of commercial space into the capital market. For exchanges, real competition has just begun: who can capture these globally significant asset expectations earlier may define the next generation of trading entries.

As Starship flies into the cosmos, it ignites a trillion-dollar imagination for commercial space; when capital begins to price imagination, what Bitget aims to do is turn this narrative that has long existed in the primary market into a ticket in the hands of ordinary users.

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