OpenAI Rejects Unauthorized Equity Deals, Deeming Tokenized and SPV Transfers Invalid

OpenAI remains a private company, preventing investors from trading its shares directly on public markets and fueling indirect exposure products such as special purpose vehicles, tokenized interests and forward contracts. These products may circumvent the company’s transfer restrictions, and buyers may not acquire shareholder rights even after paying, highlighting the legal and valuation risks in the Pre-IPO secondary market.

In a statement issued on July 16, 2025, OpenAI said its written consent was required before any direct or indirect equity transfer. Without approval, a transaction would be invalid and could violate U.S. securities laws. On May 13, 2026, OpenAI PreStocks fell about 46% to $1,080 as the warning reverberated, giving the token a market capitalization of about $2.2 million. The move reflected the token’s market price, not a change in OpenAI’s official valuation.