OpenAI and Anthropic have completely banned unauthorized secondary trading of equity; all unauthorized SPV investments are null and void. If you still dare to trade pre-IPO shares on exchanges, I’d advise you to pray for the best. OpenAI’s policy: All equity transfers without written consent are invalid, including direct sales, SPV (special purpose vehicle) shares, tokenized equity interests, and forward contracts. Anthropic’s policy: On its equity trading policy page, Anthropic explicitly uses the term “void” rather than “voidable.” Anthropic has also named several platforms—including Open Door Partners, Unicorns Exchange, Forge Global, and Hiive—declaring that shares purchased through these channels carry no shareholder rights whatsoever. Both companies are currently valued at over $800 billion. Honestly, investing at this valuation and waiting for an IPO could easily lock up your capital for one to two years. These shareholders are eager to sell on the secondary market to unlock liquidity and secure their gains.