OpenAI has publicly disavowed Robinhood’s recent announcement selling “OpenAI tokens,” clarifying that the tokens do not represent legitimate shares or equity in the company. In a strongly worded post on its official newsroom account on X, OpenAI stated categorically it neither authorized nor endorsed Robinhood’s move.
“These ‘OpenAI tokens’ are not OpenAI equity,” the company emphasized. It went on to clearly declare that the token offering was crafted and executed without OpenAI’s input or consent. “Any transfer of OpenAI equity requires our approval—we did not approve any transfer. Please be careful,” the statement reads.
Robinhood recently disclosed its plans to offer tokenized shares representing interests in major private companies, including OpenAI and SpaceX. The brokerage positioned these offerings as an opportunity for everyday European investors to gain indirect exposure to some of the world’s most notable privately held enterprises through proprietary blockchain-based tokens. Following Robinhood’s announcement, the brokerage’s stock price surged to record highs.
OpenAI’s explicit rebuke underscores the nuanced nature of these tokenized investment products. A Robinhood spokesperson responded to the criticism, clarifying that these “OpenAI tokens” were offered via a special purpose vehicle (SPV) owned by Robinhood, intended as a limited means for retail investors to indirectly hold stakes. However, this indirect ownership structure further complicates consumers’ understanding of exactly what they own and what rights they may have.
Shares of privately held startups like OpenAI and SpaceX are typically tightly controlled and available only to certain investors approved by company management. Therefore, Robinhood’s novel approach to tokenized shares inherently challenges this convention. Traditionally, private companies have shown concern whenever third parties sell stakes that might erroneously imply endorsement or complicate their equity valuation.
Previous examples illustrate how strongly startups defend their ownership integrity. Recently, humanoid robotics startup Figure AI issued cease-and-desist letters against brokers who sought to create unauthorized secondary markets for its shares, reflecting how seriously many companies take control over how equity sales affect their valuations and public perceptions.
OpenAI has declined any further public comment at this time, and Robinhood has similarly not addressed detailed questions about the mechanics and specifics surrounding their SPV arrangement beyond its initial statement.
