preOPAI, issued by RepublicX LLC, is a tokenized Contingent Payout Note providing contractual economic exposure to the private-market value of OpenAI common stock without conveying any equity, voting rights, or ownership in the company [S1][S2].

The note tracks the change in value from a preset Reference Price to the per-share value of OpenAI common stock, with any contingent payout realized only at a qualifying liquidity event or maturity [S2]. If the redemption price exceeds the Reference Price, holders may receive more than invested; if equal, lower, or absent an event, they may receive little or nothing [S1]. Republic's costs and fees are baked into the Reference Price and contractual payoff structure [S2].

RepublicX LLC, a U.S. entity, issues the note as an unsecured debt security whose payment obligations are guaranteed by OpenDeal Inc. [S1][S2]. The instrument is deemed a security under U.S. law and offered under Regulation Crowdfunding, open to the public from approximately 50 U.S. dollars (USD), and Regulation D, limited to verified accredited investors [S1][S3][S2]. The note is unsecured and not backed by OpenAI shares; holders rank as senior unsecured creditors of RepublicX LLC [S2]. There is no on-demand redemption; payout occurs only at a qualifying event or the 10-year maturity, settled in USD or USDC into the holder's Republic Wallet [S1][S2].

Tokens are built on the Solana blockchain using Republic's proprietary security token standard and minted into the holder's self-custody Republic Wallet as 1:1 representations of the note [S1][S2]. The Reference Price is finalized and disclosed before payment is collected, tokens are locked from resale for 12 months, and payout settles in USD or USDC after a qualifying event [S1][S2].

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  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://republic.com/mirror" },
    { id: "S2", url: "https://republic.com/rspax" },
    { id: "S3", url: "https://republic.com/help/who-can-participate-in-digital-asset-offerings-on-republic-617765427107" },
  ]}
/>


Tokenized stocks

Republic Pre-IPO tokens are backed by SPV exposure to underlying private-company shares; investors gain economic interest in implied valuation movements. Tokens trade 24/7 on Solana DEXes.

Republic issues tokenized exposure products including the Republic Note (revenue-share token) and tokenized pre-IPO equities such as SpaceX (Republic Pre-IPO), tradable on Solana DEXes.

Republic is a global private-market investment platform founded in 2016, enabling retail and accredited investors to invest in startups, pre-IPO companies, real estate, and crypto.

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Real-world asset (RWA) issuers

Republic

Republic Pre-IPO OpenAI (preOPAI) is a tokenized exposure to OpenAI issued by Republic through Republic International Cayman and distributed through Republic International Cayman.

Each token carries no dividend entitlement, carries no voting rights, and carries an annual fee of 0%.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions worldwide can mint and redeem directly with Republic in USDT after completing KYC, with a USDT 100 minimum.

Residents of the United States cannot mint or redeem with Republic.

Republic International Cayman is incorporated in the Cayman Islands and is offered under an SEC Regulation S exemption.

preOPAI has been issued on Solana as a SPL Token-2022 token since May 2026.

Republic Pre-IPO OpenAIpreOPAI

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