Crypto exchange Bitget rolled out a new platform offering tokenized exposure to private companies, starting with an asset linked to SpaceX, as firms push to bring early-stage investing onto blockchain rails.

The platform, called IPO Prime, allows users to subscribe to tokens that track the economic performance of companies before they go public. Its first listing, preSPAX, is tied to Elon Musk’s space and artificial intelligence firm and is issued through Republic, an investment platform specializing in private markets, with tokens minted on the Solana blockchain.

Trading began after a short subscription window, giving users near-immediate liquidity. That marks a break from traditional pre-IPO investing, where stakes in private firms are often locked up for years with limited options to exit.

Instead of fixed allocations, users commit stablecoins into a pool and receive tokens based on total demand. Once distributed, those tokens can be traded on a spot market, allowing investors to adjust positions as expectations around a future listing shift.

Tokenization has gained traction across traditional finance, from bonds to money market funds to equities. Extending the model to pre-IPO markets could widen access to a segment long dominated by venture capital and private equity, while testing how far crypto infrastructure can reshape capital formation.

The pre-IPO tokens do not represent equity ownership. They are derivatives structured to mirror financial outcomes tied to a company’s valuation after a public debut.

SpaceX is preparing for one of the most widely expected stock market debuts this year, after the firm reportedly confidentially filed for an IPO.