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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


Soaring Costs Are Ironically Tariff-Proofing the Economy

July 10, 2025 • Addison Wiggin

Should we be concerned about the economy – much less the stock market – as President Trump heats up his tariff rhetoric?

Perhaps, tongue-in-cheek, we should first look at the data. Where are Americans spending their money these days – and how resilient is that spending in a world of higher tariffs?

The latest troubling trend shows that Americans are spending more on healthcare – often in the form of “insurance” that doesn’t insure against anything – than on necessities like food and housing:

Soaring Costs Are Ironically Tariff-Proofing the Economy
Nvidia’s Moon Landing Moment

July 10, 2025 • Addison Wiggin

In 1969, Americans tuned in to watch a rocket land on the moon.

In 2025, we watched a chipmaker eclipse Exxon, Apple, and the Bank of England combined — and a copper tariff threaten to derail the next phase of the digital economy.

And a digital currency backed by energy sucking algos is challenging the once almighty dollar.

It’s a hell of a time to be an investor. Or a plumber.

Nvidia’s Moon Landing Moment
Matt Milner: The Next Decade’s “Fantastic 40” Tech Stocks

July 9, 2025 • Addison Wiggin

Even if you’re starting with just $100, you now have more ways than ever to access private markets.

Yes, risks are higher.

Yes, due diligence is incredibly important.

But for investors willing to look beyond the traditional 60/40 portfolio, the rewards can be well worth it.

Matt Milner: The Next Decade’s “Fantastic 40” Tech Stocks
The Economy’s Top Doctor Is Under the Influence of Tariffs

July 9, 2025 • Addison Wiggin

With copper imports soaring going into the news, it’s a sign that prices may be rising on pre-tariff demand. Much like how Apple filled airplanes full of iPhones from China before Trump kicked up tariff rates on Chinese goods.

For now, it’s another sign of the economic distortions being caused by President Trump’s Great Reset plan.

While copper prices may continue to rise, it’s going to be a wild ride with many pullbacks along the way. And this is your economy on tariffs – where even the trusted doctor is uncertainty stumbling along

The Economy’s Top Doctor Is Under the Influence of Tariffs