OpenAI Warns Investors Against Unauthorized SPV Deals Amid Surge in AI Startup Funding Attempts

OpenAI has issued a public warning against so-called “unauthorized” investment opportunities tied to the company, including those involving special purpose vehicles (SPVs). In a new blog post, the AI firm cautioned investors to be vigilant if approached by third-party firms claiming to offer exposure to OpenAI through SPVs or other alternative investment structures. “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 stated. While acknowledging that not every offer involving OpenAI equity is inherently problematic, OpenAI emphasized that some such arrangements may be designed to bypass its official transfer policies. “[If so], the sale will not be recognized and carry no economic value to you,” the post warned, stressing that only investments approved through OpenAI’s formal channels are valid. The rise of SPVs—special-purpose entities created to pool capital for specific investments—has become a growing trend among investors seeking access to high-profile startups like OpenAI. However, the model has drawn criticism from venture capital professionals, who argue that it often enables inexperienced or “tourist chump” investors to speculate on AI startups without proper due diligence or alignment with the company’s governance. OpenAI is not alone in pushing back. According to Business Insider, Anthropic has also taken steps to restrict SPV usage, instructing Menlo Ventures to use its own capital rather than an SPV for a recent funding round. This reflects a broader industry trend of AI leaders tightening control over equity distribution to maintain governance integrity and prevent unauthorized or speculative trading. As AI companies continue to attract massive interest and valuation growth, the use of informal investment vehicles remains a growing concern. OpenAI’s latest warning underscores the importance of relying only on official channels when seeking exposure to its equity.