Chinese investors are turning to cryptocurrency-linked products to gain exposure to the initial public offerings (IPOs) of U.S. tech firms. These companies include SpaceX, the rocket firm founded by Elon Musk, and OpenAI, the creator of ChatGPT.
Notably, the move to digital asset bets came after Chinese investors got shut out from direct participation in many U.S. tech listings. However, these bets do not represent real share ownership of either SpaceX or OpenAI, exposing buyers to risk.
Chinese Investors Use Crypto Tokens to Bet on SpaceX and OpenAI IPOs
The betting products tied to SpaceX and OpenAI IPOs are built around digital tokens designed to track the value of the firms. To invest, many Chinese buyers first convert their renminbi currency into stablecoins such as USDT (USDT-USD), then use them to buy the tokenized assets on crypto platforms. This itself violates Beijing’s ban on converting fiat money into crypto.
Some Chinese investors purchase these stablecoins through offshore crypto platforms such as Binance. Although the exchange is blocked in China, users can still access it through virtual private networks (VPNs).
Many of these investment tokens are also linked to special purpose vehicles (SPVs) that hold shares in the underlying firms. Others simply track a firm’s value without giving investors shares, voting rights, or any direct ownership stake.
Notably, several crypto firms have launched products tied to pre-IPO U.S. tech companies. Paimon Finance, a New York-based crypto investment platform, launched two tokenized products in 2025 that claim exposure to SpaceX and OpenAI through SPVs.
Meanwhile, crypto exchange Bitget launched preSPAX in April, a tokenized product linked to SpaceX’s performance. The next month, the exchange launched a token that could give retail investors pre-IPO exposure to OpenAI. However, the firm said that neither product represents a direct investment in SpaceX or OpenAI. Notably, many Bitget preSPAX buyers were from China, underscoring the strength of demand for U.S. tech stocks.
Beijing Policy Pushes Investors Into Tokenized U.S. IPO Bets
Chinese investors’ demand for SpaceX and OpenAI products has surged to oversubscribed levels. The surge comes as Beijing tightens bans on overseas investing, pushing more activity into other channels.
An adviser to China’s Central Bank said regulators have tried to curb the rate of stablecoin conversions. However, enforcement remains limited, as such transfers are hard and costly to monitor.
Investors also face uncertainty over whether tokenized products or SPVs are actually backed by shares in the underlying companies. Even when they are, many private firms restrict share transfers and may treat unauthorized transfers as invalid.
Both OpenAI and Claude chatbot creator Anthropic have warned that unauthorized token products linked to their firms may not be recognized and could hold little or no value. These two AI rivals have confidentially filed for an IPO with U.S. regulators, as they prepare for their public debuts in the coming months.
What Are the Next Big Upcoming IPOs?
SpaceX is set to list on the Nasdaq ($NDAQ) on June 12, 2026, under the ticker SPCX. The company is targeting a valuation of $1.75 trillion, which would make it the largest IPO in market history. Meanwhile, OpenAI confidentially filed for an IPO with the SEC on June 8 and is targeting a valuation of up to $1 trillion. For more updates on these companies ahead of their public debuts, visit the TipRanks Private Company Center.
