BlockBeats News, May 13th – Yesterday, OpenAI and Anthropic almost simultaneously released/updated official policies on their websites, clearly stating that all unauthorized equity transfers are invalid. This includes direct trades, SPV (Special Purpose Vehicle) shares, tokenized ownership, and futures contracts.

Both parties stated that the so-called "equity transfers" will not be recognized in the company's books and records, and buyers will not receive any shareholder rights. Unauthorized transfers "will not be acknowledged by the company and do not carry any economic value."

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

OpenAI and Anthropic are not strictly prohibiting "equity transfers." According to The Wall Street Journal, in 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, realizing a total of $6.6 billion. Additionally, Bloomberg reported in February this year that Anthropic is planning an employee tender offer, valuing the company at least $350 billion, consistent with the valuation from the concurrent financing round. Eligible current and former employees are allowed to sell some vested shares.

Therefore, the core purpose of this action may be to firmly control the equity structure, avoid "shadow shareholders" taking control, and clear obstacles for a potential 2026 IPO (the secondary market had previously hyped the valuation far above the official level, affecting IPO pricing and roadshow narrative). By standardizing equity transfer practices, the policy aims to reduce unauthorized secondary trading's disruption to the shareholder registry and valuation narrative, while also mitigating U.S. securities law risks, combating fraudulent SPV schemes, and protecting early employee investors' interests.

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