OpenAI has issued a warning in a recent blog post about the dangers of engaging in “unauthorized opportunities to gain exposure to OpenAI through a variety of means,” including the use of special purpose vehicles (SPVs).
The company cautions individuals to be cautious if contacted by a firm claiming to have access to OpenAI, particularly through the sale of an SPV interest with exposure to OpenAI equity. While acknowledging that not every offer of OpenAI equity is problematic, OpenAI states that some firms may be attempting to bypass their transfer restrictions.
OpenAI emphasizes that any sale made under these circumstances will not be recognized and will hold no economic value for the buyer.
The use of SPVs as a means to invest in popular AI startups has been on the rise among investors. However, this practice has faced criticism from other venture capitalists who view SPVs as a tool for inexperienced investors.
Reports from Business Insider indicate that OpenAI is not the only major AI company cracking down on SPV usage. Anthropic has reportedly informed Menlo Ventures that they must use their own capital, rather than an SPV, to invest in an upcoming funding round.
