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But he can't be 100% sure.When the former Google executive entered the space industry in 2021, SpaceX was already one of the world’s most sought‑after private companies, valued at about $75 billion, with shares largely locked up by early backers and institutions close to Musk. ‌Bhatia couldn’t buy shares directly, so he turned to the secondary market where a loose network of brokers buy and sell the shares of privately owned companies.Now, with SpaceX preparing for a stock market debut ‌this year at a valuation near $1.75 trillion, Bhatia could be sitting on a lucrative investment, but his shares were bought through brokers that make ownership hard to verify.“I hope I didn’t get duped,” said Bhatia, the former chief executive of space company Axiom Space. “I don’t think I did, but again, ​there’s no way to know.”He declined to share the value of his investment, or the broker's name.The potential payoff from owning SpaceX shares before it goes public is big enough that many are willing to pay a premium for access and live with the uncertainty. “It’s the hottest IPO opportunity in history,” he said.Bhatia is among a growing swell of investors who have poured money into SpaceX through the opaque market for private company shares. These deals often rely on special-purpose vehicles, or SPVs, which don't own shares in the company. They pool investor money to buy the rights to purchase the shares at a later time.“You are relying on the counterparties in these transactions and their reputations,” said Mitchell Littman, a New York-based attorney who advises SPV managers ‌and secondary market investors. He added, “Every time there is hype around these type of ⁠things, inevitably the fraudsters come out of the woodwork because they smell an opportunity.”The intense demand for SpaceX shares has led investors to accept unusually complex arrangements, according to 10 investors, industry experts and analysts interviewed by Reuters.SpaceX, the Securities and Exchange Commission and the Department of Justice didn’t respond to comment requests.HUGE APPETITE FOR PRIVATE TECH GIANTSThe rise of SpaceX and other ⁠hot private companies like OpenAI has reshaped the initial public offering landscape. 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