In a new blog post, OpenAI has warned investors about “unauthorized opportunities to gain exposure to OpenAI through a variety of means,” including special purpose vehicles (SPVs).
The company cautioned, “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 OpenAI admitted that “not every offer of OpenAI equity […] is problematic,” it said some firms may be “attempting to circumvent our transfer restrictions.”
“If so, the sale will not be recognized and carry no economic value to you,” the blog post emphasized.
SPVs, which pool investor money for one-off deals, have become a popular way to buy into hot AI startups. Their growing use has sparked criticism, with some venture capitalists warning against them, calling them a tool for “tourist chumps.”
OpenAI isn’t the only major AI company moving to tighten restrictions. According to Business Insider, Anthropic reportedly told Menlo Ventures it must use its own capital—not an SPV—if it wants to participate in an upcoming funding round.
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