Anthropic, OpenAI, and SpaceXAI make up a very large, yet concentrated portion of Private Equity, between those firms about 200-500b in derivatives, financial instruments, and especially SPVs are trading without explicit approval from the underlying private companies. Because of this, all of that money could essentially go 'poof' causing a massive shockwave in the Private Equity space that will echo throughout the entire inflated tech and finance sectors. This will not only destroy some of the massive ballooned valuations that we see these private companies trading at, but it will also cause insane ripple effects for their IPOs, subsequent lawsuits for all of the illegal brokers that initiated and raised using these vehicles, sketchy secondary grey markets, and cause hundreds if not thousands of investment funds, firms and angels to lose every cent they invested, because what they bought wasn't one of the big boys, they bought a Special Purpose Vehicle. And that special purpose was to fuck everyone that bought it. Welcome to the $SPV show.

Burry is very rarely wrong, and almost always early. So are you. solana:B6DGvQekdsVemYsZBKLY64KV2oj7dCR5tW7iPSvZpump

Sounds good, but just wait for the IPO, the $SPV that you got an email about.... Well, lets just say they call them Special Purpose Vehicles for a reason. That purpose is to sell you nothing at above market prices.

daytrading fintwit doesnt even know that all of VC/tech fintwit are discussing the Anthropic SPV memo.

Imagine owning an Anthropic SPV at sub $100B valuation, sitting on a juicy 10-20x on IPO, and you come to find out your shares are fraudulent and you own nothing. Yikes

SPV even single layer, are no match for liquid stock, 2 other data pt from my own book/friends circle 1️⃣ Invested in Twitter '22 Privatization: Looking at ~2.5x gross at the $1.5T SpaceX IPO 2️⃣ Invested in xAI '25 SPV ($120B entry): with dilution/fee and all that, i will be lucky to clear 2x net ... 😭 Meanwhile, NVDA/TSMC and the high-conviction semi stack have absolutely smoked these returns, minus the carry, the lock-ups, and the SPV distribution hassle ..

Back on my SPV/12G soapbox for one more second: the real fallout here isn’t just policy. It’s game theory. The entire unicorn ecosystem spent years pretending there wasn’t a massive shadow secondary market in private company stock: unsanctioned SPVs board-unapproved transfers participation rights synthetic exposure second-layer SPVs holding first-layer SPVs holding founder shares Everybody knew. Everybody looked the other way. Everybody got rich. But now? Now incentives have changed. And everybody and their brother is about to relearn one of the oldest legal truths on earth: possession is nine-tenths of the law. Because whoever currently controls the shares, distributions, liquidity proceeds, or economic rights is suddenly sitting in the power seat. The guy who sold $1m of exposure that later becomes worth $100m now has every incentive in the world to suddenly become VERY interested in: transfer restrictions charter consent rights void vs voidable arguments beneficial ownership technicalities rescission claims And they won’t care about being exiled from “Ventureville” if the upside is generational money. Somebody is absolutely going to try this on. That means the new risk for buyers isn’t necessarily outright loss. It’s litigation slippage. Duration slippage. Legal fee slippage. Delaware Chancery blood sport while courts sort out what everyone really owned. The balance of equities is obviously with the economic buyers. The entire market knew this shadow system existed. But once billions are on the line, expect very sharp people making very sharp technical arguments to unwind transactions they were perfectly happy to cash at the time. Welcome to the arena.

Via $SPV - who would've thought. Nothing could go wrong there.

founder friend just got scammed from Anthropic secondaries apparently on the call they claimed "direct access to the cap table" so my friend pretty quickly wired $500k didn't check the fine print they now own 5% of "Ant Tropic", a luxury vacation destination for ants i told them they need to immediately pivot the business to AI because there are 20 quadrillion ants on earth, and the TAM is huge

If everyone is paying 10, 20, 30% in FEES to get exposure to risky pre-IPO equity in these far less than attractive $SPV entities, so they can lock up hundreds of billions at crazy valuations... what happens on IPO day when literally everyone is ready to cash in and the "buyers" they are waiting for are standing next to them also ready to sell...

$SPV x.com/i/status/2053998044035…

Lebanon must've bought alot of Anthropic on Seondaries. $SPV

Anthropic is dropping a big statement on secondary sales of its shares. Anyone who has sold Anthropic shares via direct sales, forward contracts, or tokenized securities is "likely engaged in fraud.” A lot of SPV’s guys are about to find out what a subpoena looks like… So why don’t they want their stock trading on secondaries? 🤔

Anthropic IPO valuation: $1T Samsung valuation: $1.2T Anthropic revenue: $30b. Samsung revenue: $260b.

RT @levelsio: I've seen a lot of people offer you to invest in private companies like OpenAI, Anthropic, SpaceX, Stripe etc and you should…

Anthropic is cracking down on the gray market in its shares Those SPVs are looking fragile It says that many SPV/tokenized transactions may be legally void and buyers may end up with zero recognized shareholder rights This is a major shock for some family office investors They could discover they own a legal claim on a vehicle… not actual equity in Anthropic It's a timely reminder that exposure is not the same as ownership and SPVs come without guarantees As private companies stay private longer, this could be the start of a fight between founders trying to control cap tables and investors desperate for pre-IPO AI exposure Watch this space

If someone invested in a late stage Ai SPV and it might be worthless, can they write that off? And what if they already declared some gains on the initial value etc… Asking for some friends…

If Anthropic deems all secondary sales of Anthropic stock to be void Does that mean the original buyer retains financial interest even after selling it away? Lawsuit territory

You put $100K into a triple-layer Anthropic SPV at ~$350B. After fees, you've actually deployed ~$68K. A $1.3T IPO returns ~2.75x after dilution. You net ~$30K. Your layered SPV got you 68% Anthropic exposure. GOOG gets you 14%, and — for completeness — founding a four-person polycule in Bernal where two members are MTS at Anthropic gets you 22%, scaling to 31% if one of them has badge access to the office. Manifold has this trading sideways. Meanwhile the fourth-layer SPV exists. I have seen it. It is GP'd from a Hayes Valley basement by a man who only eats raw liver and his returns are, inexplicably, fine. The fifth layer is Lighthaven. The sixth layer is a guy named Amish who whispers "Claude" into his Mac Mini at 3am and charges 2/20. The 32% you lost in SPV fees did not, in fact, fund a Miami coke habit. It funded: - $11K to a peptide dealer named Brook who has a Substack - $8K to the GP's au pair, who is also his cofounder, who is writing a memoir - $6K to a single Eames chair - $4K to a prediction market shorting his own fund - $3K to a Waymo that has been circling Dolores Park since March 2024 with no passenger Here's what you should have done instead: take the $100K, drive to Sunnyvale, find an H100, marry it. California is community property. On exit you own half, free and clear. That's an unbeatable tax basis. You also get to file jointly with the model that ate your cap stack. You're welcome.

He’s locked for 6 months post IPO. 4x the stock immediately, then dump it 85% the week before unlock