SEC Targets AI-Linked SPVs Over Unauthorized Exposure Claims

The US Securities and Exchange Commission (SEC) is scrutinizing special purpose vehicles (SPVs) that invest in popular AI companies like OpenAI and Anthropic. The SPVs, which gather funds from investors to take positions in private companies, have become an attractive option for investing in the artificial intelligence boom.

According to a report by the Wall Street Journal, the SEC has asked registered investment advisers to provide proof that their products actually contain the private stock they claim to offer. The inquiry prompts the question of whether the promised investment is real or not.

The amounts involved are staggering, with OpenAI and Anthropic topping the list of 182 companies with estimated valuations of $1.38 trillion and $900.29 billion respectively, according to DeFiLlama's pre-IPO tracker snapshot in August 2026.

OpenAI has already warned investors about unauthorized exposure, saying that the company is aware of firms marketing opportunities to gain access to its equity through direct sales, SPV interests, tokenized interests, and forward contracts. Anthropic has also issued a similar warning, stating that transfers involving its stock require board approval.

The SEC has brought a case showing what can go wrong, charging Adit Ventures Management with allegedly defrauding investors over pre-IPO holdings including SpaceX and Klarna.