内容来源：https://techcrunch.com/2025/08/23/openai-warns-against-spvs-and-other-unauthorized-investments/

内容总结：

人工智能公司OpenAI近日发布官方声明，提醒投资者警惕通过特殊目的载体（SPV）等渠道进行的非官方投资邀约。该公司在博客中强调，部分机构可能通过销售所谓"持有OpenAI股权的SPV权益"规避股权转让限制，此类未经授权的交易将不被承认且不具备经济价值。

随着人工智能投资热度持续升温，SPV（一种集合资金进行单项投资的工具）已成为部分投资者参投热门AI初创企业的主要途径，但此举同时遭到主流风投机构质疑，被批评为"投机性投资工具"。

行业动态显示，OpenAI并非唯一采取管控措施的AI企业。据《商业内幕》披露，Anthropic公司也已要求门洛风投在后续融资轮次中使用自有资本而非SPV进行投资。这一系列举措表明，头部AI企业正加强对非正规投资渠道的监管力度。

中文翻译：

在一篇最新博文中，OpenAI警告投资者需警惕"通过特殊目的载体（SPV）等渠道违规获取OpenAI投资机会"的行为。该公司明确表示："若遇到声称能提供OpenAI投资渠道的机构，包括销售含有OpenAI股权收益的SPV份额，请务必保持谨慎。"博文虽承认"并非所有OpenAI股权要约都存在问题"，但指出这些机构可能"试图规避我们的转让限制条款"。

OpenAI特别强调："若确属违规交易，相关销售行为将不被认可，投资者也无法获得任何经济收益。"随着SPV（一种为单项投资募集资金的工具）日益成为投资者追捧热门AI初创公司的通道，这种模式已被部分风投机构斥为"投机客的愚人船"。

据Business Insider披露，OpenAI并非唯一打击SPV交易的AI巨头。知情人士透露，Anthropic公司已明确要求Menlo Ventures在后续轮次投资中必须使用自有资本，不得通过SPV进行投资。

英文来源：

In a new blog post, OpenAI warns against “unauthorized opportunities to gain exposure to OpenAI through a variety of means,” including special purpose vehicles, known as SPVs.
“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 writes. The blog post acknowledges that “not every offer of OpenAI equity […] is problematic” but says firms may be “attempting to circumvent our transfer restrictions.”
“If so, the sale will not be recognized and carry no economic value to you,” OpenAI says.
Investors have increasingly used SPVs (which pool money for one-off investments) as a way to buy into hot AI startups, prompting other VCs to criticize them as a vehicle for “tourist chumps.”
Business Insider reports that OpenAI isn’t the only major AI company looking to crack down on SPVs, with Anthropic reportedly telling Menlo Ventures it must use its own capital, not an SPV, to invest in an upcoming round.