OpenAI has recently issued a cautionary statement regarding unauthorized investment opportunities that claim to offer exposure to the company’s equity. This advisory specifically addresses the use of Special Purpose Vehicles (SPVs), which are investment entities created to pool capital for specific ventures.
In a recent blog post, OpenAI emphasized the importance of vigilance when approached by firms purporting to provide access to OpenAI’s equity through SPVs. The company stated, We urge you to be careful if you are contacted by a firm that purports to have access to OpenAI, including through the sale of an SPV interest with exposure to OpenAI equity. While acknowledging that not all offers of OpenAI equity are inherently problematic, the company warned that some firms might attempt to circumvent established transfer restrictions. OpenAI clarified that any such unauthorized sales would not be recognized and would hold no economic value for the investor.
The use of SPVs has become increasingly prevalent among investors seeking stakes in high-profile AI startups. These vehicles allow multiple investors to pool resources for one-off investments, often in companies that are otherwise difficult to access. However, this trend has drawn criticism from some venture capitalists who view SPVs as a means for less experienced investors to gain entry into competitive deals, sometimes referred to pejoratively as tourist chumps.
OpenAI is not alone in its efforts to regulate investment practices involving its equity. Other major AI companies are also taking steps to control the use of SPVs. For instance, Anthropic has reportedly informed Menlo Ventures that it must use its own capital, rather than an SPV, to participate in an upcoming funding round.
The proliferation of SPVs in the AI investment landscape reflects the intense interest and competition surrounding emerging technologies. While SPVs can democratize access to investment opportunities, they also pose challenges related to governance, transparency, and compliance with company policies. OpenAI’s recent warning underscores the need for investors to exercise due diligence and ensure that any investment avenues are authorized and align with the company’s established protocols.
