What is a Mirror Token and what does it entitle you to?

Mirror Tokens are Republic's pre-IPO exposure product — tokens designed to track a private company's value. The corpus documents demand around 'tokenized SpaceX / Mirror Token mechanics' on r/solana in 2025 [Reddit demand] and a Republic Europe Investors Hour fireside chat on Mirror Notes [webinar — 2025-09-09].

A core white-space gap: the audience asks 'what a mirror token actually entitles them to — token, SPV, or shares — and the launch communications never said' [white-space]. The record does not resolve this entitlement question.

For the SpaceX case specifically, the dispatches note a shift: in June 2025 the SpaceX token was pitched as open to anyone with $50, but rSPAX shipped under Reg D for accredited investors only [dispatches].