Put an end to runaway secondary-market trading! OpenAI and Anthropic simultaneously tighten their equity policies, dealing a major blow to the pre-IPO market

BlockBeats News, May 13 — Yesterday, OpenAI and Anthropic almost simultaneously announced/update official policies on their websites, clearly stating that all unapproved equity transfers are invalid. This includes direct buying and selling, SPV (Special Purpose Vehicle) shares, tokenized rights, and forward contracts.

Both parties stated that the so-called “equity transfers” will not be recognized in the company’s books and records, buyers will not obtain any shareholder rights, and unauthorized transfers “will not be acknowledged by the company and have no economic value.”

This significant move quickly impacted the secondary market. Tokenized products on platforms like PreStocks (Jupiter’s Pre-IPO market) were hit first. Anthropic’s token price plummeted about 40% within 24 hours, implying a sharp decline in valuation; OpenAI’s corresponding products also dropped over 30%. Traditional secondary markets showed panic sentiment, and although crypto Pre-IPO perpetual contracts are purely derivative (not representing actual equity), market sentiment still caused noticeable trading fluctuations.

OpenAI and Anthropic are not strictly banning “equity transfers.” According to The Wall Street Journal, during a recent funding round, OpenAI allowed each employee to sell shares worth up to $30 million. In October last year, over 600 current and former employees collectively sold their shares, cashing out a total of $6.6 billion. Additionally, Bloomberg reported in February this year that Anthropic is planning a employee tender offer, with a valuation of at least $350 billion, consistent with the valuation during the funding round. They are allowing eligible current and former employees to sell some of their vested shares.

Therefore, the core purpose of this move may be to firmly control the equity structure and prevent “shadow shareholders” from losing control. It also aims to clear obstacles for a potential IPO in 2026 (as secondary market valuations previously soared far beyond official levels, affecting IPO pricing and roadshow narratives), standardize the approach to equity transfers, and reduce unauthorized secondary trading’s interference with shareholder registers and valuation narratives. This policy can also help mitigate US securities law risks, combat fake SPV scams, and protect the interests of early investors and employees.

This move marks a new phase of strict regulation for private AI equity, and the premium space for crypto Pre-IPO products is expected to be further squeezed.