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Daily Missive

Matt Milner: Now You Can Buy SpaceX — Should You?

Loading ...Addison Wiggin

July 10, 2025 • 4 minute, 22 second read


CrowdabilityPre-IPOSpace X

Matt Milner: Now You Can Buy SpaceX — Should You?

Now You Can Buy SpaceX — Should You?

“The great lesson in microeconomics is to discriminate between when technology is going to help you and when it’s going to kill you.”

~ Charlie Munger

July 10, 2025 — Earlier this month, something extraordinary happened:

Ordinary investors like you and me were offered the chance to buy “shares” in some of the fastest-growing private companies on Earth.

I’m talking about pre-IPO companies like OpenAI, Anthropic, even SpaceX.

But there’s a catch.

These aren’t actual shares. They’re something called tokens.

What’s going on here? Is this a breakthrough — or the next bubble?
Let’s unpack it.

Here’s What Just Happened

Two major investment platforms made headlines last week:

  • Robinhood started offering investors “tokenized shares” of OpenAI and SpaceX.
  • Republic launched a new offering called “Mirror Tokens” that are tied to four major startups: OpenAI, Anthropic, Epic Games, and SpaceX.

The pitch? These tokens give regular investors exposure to high-flying, pre-IPO companies—starting with as little as $50.

How It Actually Works

This isn’t like buying shares of Apple or Tesla in the stock market.

Instead, these platforms are using a concept called tokenization:

They take private shares, or derivatives tied to the private shares, and wrap them in a “token” that lives on the blockchain. (A blockchain is a digital ledger that records transactions in a secure, transparent way. It’s like a spreadsheet that everyone can see, but no one can change.)

So you’re not buying actual equity in OpenAI or SpaceX. Instead, you’re buying a digital token that’s meant to track the performance of that equity.

In Robinhood’s case, these tokens are available only to non-U.S. customers. In Republic’s case, the token sales are relying on SEC rules created by the JOBS Act — the regulations that have started opening up private investing to ordinary investors.

Tokenization is innovative. It’s clever.

But it also raises a lot of questions.

Continued Below…

[Urgent] Starlink Set For The Largest IPO In History?

He turned PayPal from a tiny, off-the-radar startup… to a massive $64 billion giant.

Then, he did it again with Tesla… which is up more than 19,500% since 2010.

For perspective, that turns $100 invested into almost $20,000!

And now, Elon could be set to do it for the third and final time… with what might be his biggest breakthrough yet.

And for the first time ever, you have the rare chance to profit BEFORE the upcoming IPO.

Click here now for the urgent details on this hidden play.

The Risks

Here are four risks you need to understand about tokenization.

1. You Might Not Own What You Think

Sam Altman, the founder of CEO of OpenAI, said OpenAI didn’t authorize the sale of these tokens, and reminded the public that actual equity transfers require company approval. In fact, OpenAI publicly disavowed Robinhood’s offering. Translation? These tokens might not be backed by enforceable ownership rights.

2. Regulatory Loopholes Are Being Exploited

Robinhood and Republic are threading the needle of U.S. securities law by targeting non-U.S. customers, or by using exemptions found in the JOBS Act. These strategies may be legal — but they also sidestep investor protections designed to keep retail investors safe.

3. Liquidity Isn’t Guaranteed

Despite being built on the blockchain, these tokens can only be traded on pre-approved digital “wallets,” on limited exchanges, or on exchanges that are planned for the future, but don’t yet exist. This is a far cry from truly liquid markets. In other words, don’t invest any capital here that you might need for your rent, mortgage, or groceries.

4. Lack of Transparency

The mechanics of pricing the tokens aren’t clear. Without this transparency, how will you know what your tokens are actually worth?

Many investment platforms are steering clear. For example, as Public’s co-CEO Leif Abraham put it, “We decided not to offer tokenized startup shares because of the risk and ambiguity for retail investors.”

Why It Still Matters

Despite the risks and ambiguity, the demand is obvious — and growing:

  • Individual investors are hungry for access to elite startups.As we explained last week, ordinary investors are starting to understand that there’s been a major shift: the biggest returns are now found in the private markets.
  • The JOBS Act helps. These new regulations enable any investor, regardless of income or net worth, to invest in a large universe of private startups. But getting access to the fastest-growing pre-IPO companies — like OpenAI or SpaceX — is still gated by wealth, access, and accreditation laws.
  • Tokenization could finally open up these markets to the masses.

Even if the first generation of these products is imperfect, the underlying trend is real.

It’s likely that regulators, institutions, and tech platforms will eventually find a middle ground — one that preserves investor protections while succeeding in broadening access.

The Bottom Line

This new wave of tokenized shares is exciting. It has the potential to break down walls and democratize access to pre-IPO giants.

But at the moment, it’s also risky, opaque, and largely unregulated.

So while we applaud the innovation, we urge caution — especially if you’re being offered something that seems too good to be true.

Best Regards,

Turn Your Images On

Founder Crowdability.com and Grey Swan


The Useless Metal that Rules the World

August 29, 2025 • Dominic Frisby

Gold has led people to do the most brilliant, the most brave, the most inventive, the most innovative and the most terrible things. ‘More men have been knocked off balance by gold than by love,’ runs the saying, usually attributed to Benjamin Disraeli. Where gold is concerned, emotion, not logic, prevails. Even in today’s markets it is a speculative asset whose price is driven by greed and fear, not by fundamental production numbers.

The Useless Metal that Rules the World
The Regrettable Repetition

August 29, 2025 • Addison Wiggin

Fresh GDP data — the Commerce Department revised Q2 growth upward to 3.3% — fueling the rally. Investors cheered the “Goldilocks” read: strong enough to keep the music going, not hot enough (at least on paper) to derail hopes for a Fed pivot.

Even the oddball tickers joined in. Perhaps as fittingly as Lego, Build-A-Bear Workshop popped after beating earnings forecasts, on track for its fifth consecutive record year, thanks to digital expansion.

Neither represents a bellwether of industrial might — but in this market, even teddy bears roar.

The Regrettable Repetition
Gold’s Primary Trend Remains Intact

August 29, 2025 • Addison Wiggin

In modern finance theory, only U.S. T-bills are considered risk-free assets.

Central banks are telling us they believe the real risk-free asset is gold.

Our Grey Swan research shows exactly how the dynamic between government finance and gold is playing out in real time.

Gold’s Primary Trend Remains Intact
Socialist Economics 101

August 28, 2025 • Lau Vegys

When we compare apples to apples—median home prices to median household income, both annualized—we get a much more nuanced picture. Housing has indeed become less affordable, with the price-to-income ratio climbing from roughly 3.5 in 1984 to about 5.3 today. In other words, the typical American family now has to work much harder to afford the same home.

But notice something crucial: the steepest increases coincide precisely with periods of massive government intervention. The post-dot-com bubble recovery fueled by Fed easy money after 2001. The housing bubble inflated by government-backed mortgages and Fannie Mae shenanigans. The recent explosion driven by unprecedented monetary stimulus and COVID lockdown policies.

Socialist Economics 101