Republic launches Mirror Tokens letting retail investors bet on SpaceX and other private giants for as little as $50

Republic, the New York-based investment platform, has rolled out a product called Mirror Tokens that lets everyday investors place bets on private companies like SpaceX without ever touching a share. The first token, rSpaceX (also going by rSPAX), began trading around June 25, 2025, with a minimum buy-in of just $50. How Mirror Tokens actually work Think of Mirror Tokens as a financial mirror, not a window. You’re not buying SpaceX stock. You’re buying a blockchain-based digital note that reflects SpaceX’s private market valuation and pays out when certain liquidity events happen, like an IPO or acquisition. In English: you get the economic upside (or downside) tied to the company’s valuation changes, but you don’t get ownership, voting rights, or a seat at the table. These are classified as contingent payout notes, which is a fancy way of saying “you get paid if and when something specific happens.” The notes are structured as unsecured debt securities of Republic itself, not of SpaceX. That distinction matters. Your counterparty risk sits with Republic, not with the underlying company whose valuation you’re tracking. Republic designed these to comply with US securities regulation...