Anthropic and OpenAI issued statements on the same day regarding the rampant unauthorized equity trading activities in the market.

Over the past two years, AI unicorn equity has been packaged into "quasi-public assets" through SPVs, secondary sales of old shares, forward contracts, and tokenized equity, causing the market to prematurely hype unlisted companies as tradable targets. But the underlying rights of private equity come from the company's articles of incorporation, board approval, and shareholder registers; companies do not recognize these, and so-called exposure may only be contracts, fund shares, or even invalid packaging.
There are three signals behind this:
1️⃣ Prevent non-official secondary prices from polluting financing and IPO pricing
2️⃣ Prevent SPVs from concealing the true investors, leading to a loss of control over shareholder structure
3️⃣ Warn that tokenized equity is hitting hard legal walls in private equity laws
This seems to be the first cleanup after the bubble in the AI private market. OpenAI and Anthropic haven't gone public yet, but the shadow trading markets surrounding them are already being cracked down.