In 30 days, the two phases rose over 40%, Bitget Pre-IPO runs out of skepticism with a surprising curve

Author: White Runner

SpaceX's IPO prospectus went viral overnight.

This super unicorn has finally laid its financials bare before the public market: Starship, Starlink, Musk, the Mars program, and a potential target valuation of up to $17.5 trillion. According to Reuters, SpaceX's listing could become one of the largest IPOs in history, even having the chance to redefine the pricing of late-stage tech company financing and exits.

As one of the most well-known private companies among the general public, all eyes are on SpaceX, but only a select few insiders, institutions, and primary market investors have been able to participate in its equity beforehand.

Meanwhile, the market can hardly wait.

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

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

In the past, the opportunities that most easily attracted users to CEXs mostly came from within the crypto circle: new coin launches, Launchpads, memes, contracts, and platform tokens. Users were concerned about who could grab the next hot project and who could get in before the opening.

However, in a weak cycle, this logic has become increasingly difficult to sustain. The narrative density of purely crypto-native assets has declined, new coins peak upon launch, meme hotspots rotate quickly, and platforms relying solely on "new launches" find it hard to continuously create a wealth effect.

At the same time, external financial markets have provided new material. On one hand, traditional overseas stock entry points have become more sensitive, while on the other hand, U.S. stocks, AI, commercial space, and Pre-IPO assets continue to attract global capital. Users' interest in high-quality overseas assets has not disappeared; the paths for direct participation are simply narrowing.

This has created a new misalignment: traders may not only want to trade cryptocurrencies; they want to trade any assets that can bring return expectations. U.S. stocks, gold, forex, AI, SpaceX, OpenAI, and even the expectations of these assets before they go public may all become new trading targets.

SpaceX is the most typical example. It has not yet officially IPO'd, but around its listing expectations, platforms like Binance, Bitget, and Trade.xyz have already launched related perpetual contracts, allowing users to trade SpaceX's price expectations in advance. FT also mentioned that these products do not provide stock ownership; they essentially allow users to bet on the valuation changes before and after SpaceX's listing.

In this multiple context, the significance of Bitget Pre-IPO is not just the addition of a few new products, but rather that the asset supply boundaries of CEXs are expanding outward: from "who can get in on the next hot coin" to "who can turn global hot asset expectations into tradable products earlier."

When new coins are no longer attractive, unlisted giants have become the new story for exchanges.

Bitget IPO Prime: From skepticism to reputation reversal

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

This is normal. SpaceX and OpenAI have not yet gone public, and ordinary users suddenly being able to subscribe to their Pre-IPO related products on an exchange often leads to the first reaction of "Is this an opportunity?" rather than "Is this trading air?" "Is this really equity?" "Is the valuation too high?"

Subsequently, we saw Bitget's Greater China head, Xie Jiayin, continuously respond to users' 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.

On one hand, he acknowledged that early rules had shortcomings, stating that "all rule iterations are born from criticism"; on the other hand, he repeatedly emphasized that the core purpose of Bitget's IPO Prime is to lower the threshold for primary market opportunities that previously belonged only to institutions and high-net-worth individuals, making them accessible to more ordinary users.

He also emphasized several times in tweets that preOPAI is "the only token on the entire network backed by real equity," and multiple KOLs have written analyses and reached positive conclusions, making this "real equity support" an important note in the process of public opinion reversal.

Eventually, the market was persuaded by actual returns. As price performance materialized, rule mechanisms improved, and users deepened their understanding of the product structure, the original skepticism was gradually replaced by discussions about "whether it can double," "looking forward to the next product," and "how to upgrade VIP levels."

To some extent, preSPCX bore the educational costs and public opinion pressure of IPO Prime, while preOPAI completed its reputation reversal in a more mature product narrative and clearer market expectations. Thus, Bitget IPO Prime 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.

Looking at the highest price increase, preSPCX rose from $650 to $948, an increase of 45.8%, and preOPAI rose from $725 to $1079, an increase of 48.8%, which has indeed resulted in clear paper gains. In my view, these gains come from three layers.

The first layer is the price difference between the subscription price and the secondary market pricing. Users participate in the subscription through IPO Prime, and after the project goes live, the market will reprice around the pre-listing expectations of SpaceX and OpenAI. For the originally illiquid 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 target institutions, high-net-worth users, and those who meet capital verification requirements, making it difficult for ordinary users to access assets of the caliber of SpaceX and OpenAI. Bitget IPO Prime transforms these types of primary market opportunities into subscription and trading products that ordinary exchange users can also participate in. The wealth effect comes not only from price increases but also from "opportunities that were previously unavailable to you, now at least have an entry point."

The third layer is the additional benefits brought by VIP airdrops. Bitget set up two rounds of VIP airdrops around preSPCX: the first round targeted existing VIP users, with a prize pool of 760 preSPCX; the second round targeted new VIP users upgraded during the event, with a prize pool of 190 preSPCX, totaling 950 tokens. Based on the subscription price of $650, this corresponds to a nominal value of approximately $617,500 (which has now risen to $860,500 at current prices). This makes IPO Prime not just a subscription product but also part of the platform's user rights system.

(The airdrop for VIP5 is enviable, and Xie Jiayin's "listening to advice" performance has also boosted reputation)

These three layers of value are also what makes Bitget IPO Prime noteworthy: subscriptions provide early tokens, spot trading offers liquidity, VIP airdrops incorporate Pre-IPO exposure into the user rights system, and SPCXUSDT and OPAIUSDT further extend SpaceX's pre-listing expectations into the contract market.

Thus, the market's attitude towards Bitget IPO Prime continues to change. Early skepticism focused on structure, valuation, and liquidity; currently, there is more attention on the price increases already achieved by the first two products, the additional benefits from VIP airdrops, and whether future opportunities can still include assets of the caliber of SpaceX and OpenAI.

At present, Bitget IPO Prime has preliminarily established its logic: transforming the expectations of top unlisted companies into a new wealth entry point that ordinary users can participate in, platforms can distribute, and markets can trade.

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

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

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

From the perspective of U.S. stocks and Pre-IPO products, Binance, OKX, and Bitget have actually taken different paths.

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

Observing the movements of exchanges, it is clear that U.S. stock products have become the next expansion direction for CEXs. Pre-IPO, tokenized stocks, stock contracts, and RWA indices may appear different in form, but they essentially answer the same question: how can exchanges expand users from "only trading crypto" to "trading important global assets"?

For exchanges, this means new asset supply, new trading scenarios, and new user retention methods; for users, it also means that 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 unlisted SpaceX, OpenAI, or the next global asset that can be tokenized, contracted, or indexed.

Therefore, the wealth effect of Bitget's Pre-IPO cannot be viewed solely through the price increases of individual projects. It is more like a cut into CEX's cross-asset competition: whoever can find high-recognition assets faster, and package them into tradable products, 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 is not just pushing a rocket company into the capital market. What it truly brings into the public market is a combination of commercial space, Starlink networks, orbital infrastructure, AI, and the future space economy. The value of the IPO is not just to allow shareholders to exit, but to let this super narrative, which has long remained in the private equity market, accept public pricing from global capital for the first time.

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

We also see that Bitget's SpaceX and OpenAI-related products have surged over 40% in less than a month, with a total of $617,500 in airdrops issued to VIP users corresponding to the subscription price. The subscription price difference, secondary market liquidity, VIP rights, and contract trading together create a huge 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 introduced a new initiative, launching the RWA protocol Reality, which directly connects to U.S. stock liquidity and supports dividend distribution. Bitget is bringing more real-world assets into a unified trading scenario. Memes may cool down, but the market's demand for high-quality assets, liquidity, and trading efficiency will not disappear.

SpaceX's Starship continues to launch, and its IPO is pushing the imagination of commercial space into the capital market. For exchanges, the real competition has just begun: whoever can capture the expectations of these global-level assets earlier may define the next generation of trading entry points.

The Starship flies into the universe, igniting a trillion-dollar imagination for commercial space; and as capital begins to price imagination, what Bitget aims to do is turn this narrative, far from the primary market, into an entry ticket in the hands of ordinary users.