preSPAX, issued by RepublicX LLC, is a tokenized Contingent Payout Note providing economic exposure to the common-stock performance of Space Exploration Technologies Corp. (SpaceX) following a qualifying liquidity event, without conveying any equity, voting rights, or ownership [S1][S2].

The note tracks the change in value from a preset Reference Price, stated at 275 U.S. dollars (USD) per share for the rSPAX offering, to the per-share value of SpaceX common stock at a qualifying event such as an initial public offering, acquisition, or dissolution [S1][S2]. No interest or yield accrues. Payout is pro-rata plus any accrued dividends, and 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 with payment obligations supported by a guarantee from OpenDeal Inc. [S1][S2]. The token is deemed a security under U.S. securities laws and is offered under Securities and Exchange Commission (SEC) exemptions, including Regulation Crowdfunding, open to the general public from approximately 50 USD, and Regulation D, limited to verified accredited investors [S1][S3][S2]. Holders rank as senior unsecured creditors of RepublicX LLC, behind any secured creditors, with no collateral and no government insurance [S2]. No on-demand redemption exists; payout occurs only at a qualifying event or at the 10-year maturity [S1][S2].

Mirror Tokens are built on the Solana blockchain using Republic's proprietary security token standard, minted as 1:1 representations into the holder's self-custody Republic Wallet [S1][S2]. Tokens are locked from resale for 12 months after issuance [S3][S2]. The Reference Price is publicly finalized before payment collection, and payouts settle in USD or USDC stablecoin into the wallet after a qualifying event or maturity [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 SpaceX (preSPAX) is a tokenized exposure to SPCX issued by Republic through Republic International Cayman and distributed through Republic.

Retail investors worldwide can mint and redeem directly with Republic.

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.

preSPAX has been issued on Solana as a SPL Token-2022 token since April 2026.

Republic Pre-IPO SpaceXpreSPAX

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