Injective Launches On-Chain Pre-IPO Contracts for OpenAI, Anthropic as Share Warnings Mount
Injective has rolled out on-chain pre-IPO products tied to OpenAI, SpaceX and Anthropic, with perpetual contracts on OpenAI and SpaceX live on the network. The instruments offer synthetic leveraged exposure to private valuations with decentralized settlement, and INJ's market capitalization rose by about $56 million after the launch.
The rollout adds a new route for investors seeking exposure to closely held AI companies just days after Anthropic escalated its crackdown on private-market trading in its shares, naming eight unauthorized sellers including Hiive and Forge Global and warning that unauthorized stock interests are void. OpenAI issued a similar warning that it would vigorously enforce restrictions on direct and indirect sales of its equity, underscoring the clash between demand for pre-IPO exposure and company efforts to police unofficial secondary markets.
From the sources (17 posts)
@insider0xRT @lex_node: I am surprised more people are not paying attention to this update from Anthropic on its stock policy. This seems like a pote…
@frank_liquidAnthropic can void share transfers. It can't void a bet. Most vehicles offering Anthropic exposure do so by buying actual stock. It's the cleanest approach — but the board must approve every transfer for it to be legitimate, and today Anth
@frank_liquidI was wondering why the sum of everyone's PnL on Anthropic SPVs seemed higher than Anthropic's total investor return.
@matthew_sigelRT @lex_node: I am surprised more people are not paying attention to this update from Anthropic on its stock policy. This seems like a pote…
@trustlessstateAnthropic’s IPO is going to trigger a series of explosions in the private shares grey market No idea how big the blast radius is going to be, but it’s not going to be pretty
@polymarketNEW: Anthropic cracks down on secondary market activity, saying unauthorized stock interests are “void”
@trace_cohenThere’s no way to really enforce this bc most SPVs are really changing control of shares - direct in cap table transfers. They’re an interest / contract to purchase them etc. Either way it’s really messy but demand is insatiable.
@trungtphanpeople trying to get Anthropic exposure through 15-layer SPVs and 50% fees getting clapped when they could have kept investing simple like this guy
@danprimackRT @BrianNorgard: If Anthropic starts invalidating layered SPVs and other “creative” financing structures, private markets are in for a rec…
@trace_cohenIt took reaching $900B valuation for Anthropic to finally come out and say they condemn SPVs!? After like 10s of billions in secondaries - almost as much as they raised in primary.
@polymarketNEW: OpenAI issues similar warning, says it will “vigorously enforce” restrictions on direct & indirect sales of its equity.
@mtsliveSITUATION DETECTED: OpenAI and Anthropic have stated that any sale or transfer of stock not approved by their board will not be recognized, warning about SPVs and “indirect exposure.”
@nmasc_It’s hard to overstate the amount of fake SPVs circulating in the market right now. They have always been a controversial financing tool — with Anduril, OpenAI, Anthropic, etc fighting against them for years. If companies crack down agains
@lex_nodevery smart/nuanced analysis of the Anthropic void stock transfers statement I surfaced yesterday probably the only intelligent/informed take I've seen most responders wrongly argued it was a nothingburger (either totally obvious already
@nmasc_RT @Techmeme: Anthropic names eight unauthorized secondary market sellers of its shares, including Hiive and Forge Global, warning that any…
@coingecko$INJ adds ~$56M to its market cap following the successful on-chain launch of pre-IPO stocks, including OpenAI, SpaceX, and Anthropic.
@0xcabanaOnchain pre-IPO perpetuals for OpenAI, SpaceX are live on @injective Synthetic leveraged exposure to private valuations, fully decentralized settlement, and instant composability Major step bridging the $13T private equity market onchain