OpenAI and Anthropic Restrict SPVs Amid AI Investment Surge

OpenAI and Anthropic are implementing stricter controls on special purpose vehicles (SPVs) as investor demand for stakes in leading AI startups intensifies. Both companies have recently raised substantial funds, with OpenAI securing $8.3 billion and Anthropic pursuing $5 billion. However, they are increasingly cautious about SPVs, which allow investors to pool capital into single-company bets but can expand a company's shareholder base in unpredictable ways.

OpenAI has already taken measures to limit investors' ability to transfer shares and has pursued legal action against unauthorized SPV activities. Anthropic has warned its investors that participation in unapproved vehicles could result in losing access to its funding round. The companies are concerned about the lack of transparency associated with SPVs, which can lead to governance and security issues.

In a company announcement, OpenAI emphasized that all equity transactions are subject to transfer restrictions and any unauthorized attempts to transfer equity will be void. The company urges caution against firms claiming to offer access to OpenAI equity through SPVs or other means, as these transactions may not be recognized and could carry no economic value.

Despite these risks, SPVs remain popular among venture firms, with notable investors like Thrive Capital and Menlo Ventures raising large SPVs to invest in high-profile companies. However, the scale of AI funding rounds has accelerated the practice, prompting increased scrutiny from both companies and regulators.