Republic Lets Retailers Bet on SpaceX with Mirror Tokens
Republic has launched Mirror Tokens, allowing everyday investors to bet on private companies like SpaceX without owning shares. The first token, rSpaceX (also known as rSPAX), began trading on June 25, 2025, with a minimum buy-in of just $50.
Mirror Tokens are blockchain-based digital notes that reflect the private market valuation of a company and pay out during specific liquidity events, such as an IPO or acquisition. These tokens are structured as unsecured debt securities of Republic itself, not of SpaceX, which means investors take on counterparty risk with Republic, not the underlying company.
Republic designed Mirror Tokens to comply with US securities regulations, including Regulation D, Regulation S, and Regulation CF, which allows non-accredited investors to participate. The initial rSpaceX purchases are capped at $5,000 to manage risk exposure for retail buyers.