OpenAI warns against SPVs and other ‘unauthorized’ investments

ANKARA, TURKIYE - APRIL 03: In this photo illustration the logos of Open AI are being displayed on both computer and smart phone screen in Ankara, Turkiye on April 03, 2025. (Photo by Betul Abali/Anadolu via Getty Images) | Image Credits:Betul Abali / Anadolu / Getty Images 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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