What changed with the SpaceX mirror token in 2025?

Per the buyer dispatch, in June 2025 the SpaceX mirror token was pitched as open to anyone with $50. By the time it shipped as rSPAX, it was structured under Regulation D for accredited investors only — a restructuring traced between June and September 2025 [dispatches].

That shift moved the product from a 'fifty dollars for anyone' framing to an accredited-only offering. The corpus marks this as a documented change in scope but does not contain Republic's own explanation of why the structure changed.

The corpus also records a Republic Europe Investors Hour fireside chat with Nguyen on Mirror Notes [webinar — 2025-09-09], during the same period.