preSPAX Token Raises $177 Million in Three Days, Unrelated to SpaceX, Experts Warn of Total Loss Risk

A token known as preSPAX, marketed as a vehicle to share in a potential SpaceX IPO with a minimum investment of $100, raised $177 million in just three days after its April 18, 2026 launch, despite having no official link to the aerospace company. Issued by Cayman Islands-based Republic and distributed by crypto exchange Bitget to non-U.S. investors, the token drew 14,435 participants by the April 21 deadline, oversubscribing nearly 2.9 times. preSPAX is a contingent payout note, not equity, and carries no voting or dividend rights. Its price surged from the $650 issue price to $930 by May 25, before a 1-for-5 split on May 28 under the new ticker preSPCX, which traded at $185 on June 1. One investor disclosed cashing out with a roughly 7% profit, citing fears of a sell-off as SpaceX’s IPO neared. Blockchain researcher Ding Yuan warned that the opaque pricing turns the product into a gamble on finding a greater fool, with investors facing potential total loss.