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In a recent blog post, OpenAI has issued a warning about the risks associated with unauthorized methods of gaining exposure to the company, such as through special purpose vehicles (SPVs). The company emphasizes the importance of caution when approached by firms claiming to have access to OpenAI, particularly through the sale of SPV interests with exposure to OpenAI equity. While not all offers of OpenAI equity are deemed problematic, some firms may be attempting to bypass the company’s transfer restrictions, leading to unrecognized sales with no economic value to the investor.
The use of SPVs, which pool money for singular investments, has been on the rise among investors looking to enter the AI startup market. However, this practice has faced criticism from other venture capitalists who view SPVs as a tool for inexperienced investors seeking quick returns. Reports from Business Insider indicate that OpenAI is not the only major AI company taking action against SPVs, with Anthropic allegedly informing Menlo Ventures that they must use their own capital, rather than an SPV, for investment in an upcoming funding round.
