OpenAI Warns Against SPVs & Unauthorized Investments
- OpenAI has cautioned investors against purchasing exposure to the company's equity through unauthorized channels, specifically special purpose vehicles (SPVs).
- While acknowledging that not all offers of OpenAI equity are problematic, OpenAI stated that sales attempting to bypass these restrictions "will not be recognized and carry no economic...
- SPVs, which pool funds for single investments, have become increasingly popular as a way for investors to gain access to shares in high-demand artificial intelligence startups.
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OpenAI Warns Investors About SPV Risks
OpenAI has cautioned investors against purchasing exposure to the company’s equity through unauthorized channels, specifically special purpose vehicles (SPVs). The company issued a blog post on August 23, 2024, warning that such transactions may be attempts to circumvent its transfer restrictions.
While acknowledging that not all offers of OpenAI equity are problematic, OpenAI stated that sales attempting to bypass these restrictions “will not be recognized and carry no economic value to you.”
The Rise and Criticism of SPVs in AI Investing
SPVs, which pool funds for single investments, have become increasingly popular as a way for investors to gain access to shares in high-demand artificial intelligence startups. TechCrunch reported in June 2024 on the growing market for these vehicles.
however, the practice has drawn criticism from some venture capitalists. Sequoia’s Roelof Botha warned in February 2025 against SPVs, labeling some investors as “tourist chumps.”
Anthropic Also Restricting SPV Investments
OpenAI is not alone in its efforts to limit SPV investments. Business Insider reported on August 22,2024 that Anthropic has instructed Menlo Ventures to use its own capital,rather than an SPV,for an upcoming investment round.