OpenAI cautions investors about unauthorized opportunities that claim to provide exposure to OpenAI, specifically calling out special purpose vehicles (SPVs). The company warns that some offers may be attempting to circumvent transfer restrictions and that such sales will not be recognized or carry economic value. SPVs have become a common way for investors to pool money for one-off investments in hot AI startups. Some venture capitalists criticize SPVs as attracting transient or inexperienced investors. Other AI companies are taking similar measures; Anthropic reportedly required Menlo Ventures to use its own capital rather than an SPV for a forthcoming investment round.
In a new blog post, OpenAI warns against "unauthorized opportunities to gain exposure to OpenAI through a variety of means," including special purpose vehicles, known as SPVs. "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," the company writes. The blog post acknowledges that "not every offer of OpenAI equity [...] is problematic" but says firms may be "attempting to circumvent our transfer restrictions."
"If so, the sale will not be recognized and carry no economic value to you," OpenAI says. Investors have increasingly used SPVs (which pool money for a one-off investment) as a way to buy into hot AI startups, prompting other VCs to criticize them as a vehicle for "tourist chumps." Business Insider reports that OpenAI isn't the only major AI company looking to crack down on SPVs, with Anthropic reportedly telling Menlo Ventures it must use its own capital, not an SPV, to invest in an upcoming round.
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