OpenAI and Anthropic are tightening restrictions on certain investment vehicles as investor demand for stakes in the leading artificial intelligence start-ups surges, according to reporting from the Financial Times.
Both companies have raised multi-billion-dollar rounds in recent months—OpenAI with $8.3 billion and Anthropic pursuing $5 billion—but are increasingly wary of special purpose vehicles (SPVs), a popular but opaque way for venture capitalists and others to pool capital into single-company bets.
Unlike traditional venture capital funds that spread investments across dozens of start-ups, SPVs concentrate money into a single target. While they allow investors access to “hot deals,” they also expand a company’s shareholder base in unpredictable ways. That lack of transparency has raised concerns over governance, security, and even fraud.
OpenAI has already taken steps to restrict investors’ ability to transfer shares and has pursued legal action against unauthorized SPV activity, according to the Financial Times. Anthropic has warned its backers they could lose access to its funding round if they participate in unapproved vehicles.
Fraudulent SPV schemes have also emerged. In one case, an investor said they were approached by someone posing as a childhood friend of OpenAI chief Sam Altman, offering access to the company’s latest round. The investor avoided the trap, but others were reportedly lured in.
Despite these risks, SPVs remain popular among venture firms. Thrive Capital, Menlo Ventures, and Greylock Partners have all raised large SPVs to invest in OpenAI, Anthropic, and other high-profile companies like SpaceX. But the sheer scale of AI funding rounds has accelerated the practice, prompting some investors to layer SPVs upon SPVs, further muddying ownership structures.
The crackdown comes as U.S. regulators increase scrutiny of foreign investment in sensitive industries, including AI. Both OpenAI and Anthropic hold contracts with the U.S. government that require disclosure of their ultimate beneficial owners, making transparency critical.
“With demand far exceeding supply, these companies have the leverage to dictate terms,” one investor told the Financial Times.
Neither OpenAI nor Anthropic has issued an outright ban on SPVs, but both now insist on full visibility into who participates and are curbing the ability of investors to resell stakes.
