In April 2025, OpenAI issued a warning regarding unauthorized access to its equity through Special Purpose Vehicles (SPVs). The organization cautioned potential investors to be vigilant when approached by firms claiming to have connections to OpenAI, particularly in regards to the sale of SPV interests. While OpenAI acknowledged that not all offers for equity may be illegitimate, they emphasized that attempts to bypass transfer restrictions could render such sales void and economically worthless. The blog post highlights the increasing trend of investors using SPVs to enter profitable AI startups, causing other venture capitalists to criticize this approach as appealing primarily to uninformed investors. Reports indicate that OpenAI isn’t alone in this crackdown on SPVs, as competitor Anthropic has mandated direct capital investment for upcoming funding rounds, further illustrating the growing concern within the AI investment landscape regarding the misuse of SPVs.
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