Republic Unveils rSpaceX Mirror Token, Bringing Stocks On-Chain for Global Investors

An established investment firm, Republic, introduced Mirror Tokens, a new type of tokens tied to the performance of the world’s most valuable private companies, on June 25. The first offering is rSpaceX, a Mirror Token built on the Solana blockchain that reflects the performance of SpaceX, the world’s most highly valued private company at $350 billion.

Through this offering, retail investors worldwide can now participate in the potential upside of companies like SpaceX, Figma, and Epic Games, with investment starting as low as $50, payable via Apple Pay or stablecoins. (See examples of companies that might be included in the Mirror Token portfolio.) Each rSpaceX note is priced at $1.00, with a maximum investment cap of $5,000 per investor. All tokens are subject to a mandatory 12-month lock-up period.

Retail Investors Can Now Tap Into SpaceX’s Future Growth Through Republic’s Mirror Tokens

A Mirror Token is a digital asset issued by RepublicX, Republic’s tokenization arm, offering investors exposure to a private company’s potential upside without providing direct ownership or shares.

Purchasing rSpaceX tokens does not give investors ownership of SpaceX. Instead, buyers are acquiring Contingent Event Notes (CENs), a debt security issued by RepublicX. These notes pay out based on the future financial performance of SpaceX if a Qualifying Liquidity Event occurs, such as an initial public offering (IPO), direct listing, merger, acquisition, or any monetization event that would make SpaceX’s equity publicly tradable.

Mirror Tokens Offer Potential Upside, but Risks Remain

Investors should be aware that the maturity period for the notes is up to 20 years from the date of issuance. If no Qualifying Liquidity Event occurs within this timeframe, investors will still receive a payout based on the change in SpaceX’s estimated fair market value over time, which could result in a gain or a loss relative to the initial investment. Additionally, it is important to note that the token’s price is not directly tied to SpaceX’s stock, and investors hold no shares, no voting rights, and no legal claim to SpaceX. The company is not involved in or endorsing this offering.