Crypto Pre-IPO Products Under Pressure, Anthropic's Corresponding Products Plunge About 40% in 24 Hours, OpenAI Products Drop Over 30%
OpenAI and Anthropic updated their official policies almost simultaneously, stating that all equity transfers without written consent are invalid, including direct sales, SPV shares, tokenized rights, and forward contracts.
Both parties indicated that such transfers will not be recognized in the company books, and buyers will not obtain any shareholder rights or economic value.
Market Mechanism: OpenAI and Anthropic strictly control their equity structures, causing panic in the event-driven secondary Pre-IPO market, with funds flowing towards officially recognized employee tender offers and compliant channels; the founding teams and early investors benefit from equity stability, while tokenized platforms like PreStocks and crypto Pre-IPO products are under pressure, with Anthropic's corresponding products plunging about 40% in 24 hours and OpenAI's products dropping over 30%.
Source: Public Information
ABAB AI Insight
OpenAI previously allowed over 600 employees to cash out $6.6 billion last October, and Anthropic is planning an employee tender offer with a valuation of at least $350 billion. This simultaneous policy continues their path of tightening secondary trading from 2024, having repeatedly restricted SPVs and tokenization to prevent shadow shareholders from gaining control.
In terms of capital pathways, both companies are concentrating equity transfer resources through written consent mechanisms towards official tender offer channels, motivated by the need to clear obstacles for a potential IPO in 2026, unify valuation narratives, avoid compliance risks under U.S. securities laws, and combat fraudulent shadow SPVs, thereby pulling premium trading that was previously scattered in the crypto Pre-IPO market back into a controllable range.
Similar cases include SpaceX and Databricks, which have previously imposed strict restrictions on secondary trading for high-valuation private AI/tech companies; the current AI private equity market is at a critical stage transitioning from loose secondary speculation to strict management before IPOs.
Structural Judgment: This essentially represents a capital concentration driven by regulatory changes. The companies are tightening policies to shift equity pricing power from crypto Pre-IPO platforms and SPVs to official tender offers and written approvals, with the mechanism aimed at eliminating unauthorized transfers that interfere with shareholder registries and valuation narratives, forcing capital from high-premium shadow trading back into compliant exit channels directly controlled by the companies, accelerating the evolution of AI unicorns from a wild secondary market to a regulated IPO path.
ABAB News · Cognitive Law
The stricter the equity management, the more controllable the IPO pricing.
The more shadow shareholders, the more expensive the company control.
The higher the Pre-IPO premium, the sharper the drop during cleanup.