OpenAI has already warned against this. She is particularly worried about the quickly growing trend of using Special Purpose Vehicles (SPVs) to fund investments in artificial intelligence startups. The consumer watchdog cautions that these SPVs could provide unlawful avenues to obtain exposure to OpenAI. Otherwise, this would just usher investors into high-risk, untested deals. It’s no surprise, then, that AI investments are outpacing everything—most pronounced in hot new startups such as Anthropic and xAI. Additionally, small investors are more readily entering the market as a result of selecting SPVs as a common method.
SPVs are special purpose vehicles that enable multiple investors to pool their resources to fund a single investment. This architecture allows retail investors to purchase equity stakes in prominent AI companies, an opportunity they otherwise would not have. With a dramatic increase in the use of SPVs, these structures have come under considerable fire by many VCs. They see these vehicles as the greatest way for inexperienced investors to interact with the market, dubbing them “tourist chumps.”
Sequoia Capital’s Roelof Botha has even publicly opposed investing through SPVs, sounding the alarm bell on the danger of SPVs. In the first instance, he cautions prospective investors, advising that they should think very carefully before buying shares in this way. Turns out, a lot of other VCs feel the same way. They contend that SPVs can sound like a sexy launch pad, but they too often lead to unpermitted or misdirected dollars.
OpenAI’s policy is clear. It does not recognize unauthorized equity transactions, including those conducted via SPVs. The organization reiterates that any sale of shares purportedly representing OpenAI equity through these vehicles will not hold any economic value.
“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,” – OpenAI
As OpenAI explained in its guidance, one of its key objectives is to protect potential investors from being duped by unauthorized scams. They’re very much aware of the potential for unscrupulous investment opportunities. Equally important is the legitimacy of the channels through which these investments are made.
