OpenAI has issued a warning to investors and the public, cautioning against “unauthorized opportunities to gain exposure to OpenAI through various channels.”

In a new blog post, the company specifically flagged the use of special purpose vehicles and similar arrangements, stressing that such avenues are not sanctioned or endorsed by OpenAI.

“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.

The blog post notes that “not every offer of OpenAI equity […] is problematic,” but cautions that some firms may be “seeking to bypass our transfer restrictions.”

“If so, the sale will not be recognized and carry no economic value to you,” OpenAI added.

Investors are increasingly using SPVs—structures that pool funds for one-off deals—to secure stakes in buzzy AI startups. The approach has drawn backlash from some venture capitalists, who deride SPVs as vehicles for “tourist chumps.”

According to Business Insider, OpenAI isn’t the only major AI player tightening its stance.

Anthropic has allegedly told Menlo Ventures it must invest directly with its own capital, rather than through an SPV, to take part in an upcoming funding round.