Anthropic issues stark warning to investors regarding unauthorised secondary share platforms

Anthropic has updated its investor communications to explicitly warn against specific private and secondary investment platforms offering access to its shares. The company identified Open Doors Partners, Unicorns Exchange, Pachamama Capital, Lionheart Ventures, Hiive, Forge Global, Sydecar, and Upmarket as unauthorised entities. Anthropic stated that any sale or transfer of its stock facilitated by these firms is void and will not be recognised on its books and records.

This announcement coincides with a surge in demand for Anthropic shares, with secondary market brokers describing the stock as one of the "hardest" to source. The company clarified that both its preferred and common stock are subject to strict transfer restrictions, rendering any unapproved transfers invalid. Anthropic further clarified that Special Purpose Vehicles (SPVs) are prohibited from acquiring Anthropic stock and that offers to invest in past or future financing rounds via SPVs are invalid.

Forge Global has disputed its inclusion on the warning list, claiming it was an error and stating it does not facilitate transactions without explicit company approval. While the platform told TechCrunch it is working with Anthropic to remove its name from the alert, the company has not yet confirmed the removal of Forge Global from the list. Anthropic reiterated that its preferred and common stock are subject to strict transfer restrictions, meaning any unapproved share transfers are invalid regardless of the intermediary involved.

The warning comes as a growing trend of investment platforms offering exposure to private AI companies through secondary markets, tokenised securities, and derivative instruments. Some crypto firms, such as OKX, have launched products selling exposure to AI companies, often in the form of pre-IPO perpetual futures contracts which track value without offering actual ownership. SPVs differ from derivatives by offering investors a stake in an entity holding Anthropic shares; these shares may come from official investors or result from forced liquidations, such as during the bankruptcy of FTX.

In some instances, equity claims in these secondary markets may be entirely fraudulent. Anthropic says both its preferred and common stock are subject to transfer restrictions, which means any share sale or transfer not approved by its board of directors will be considered invalid. According to Anthropic, any third-party platform, specifically SPVs and retail investment firms, that claims to sell its shares directly or using forward contracts are unauthorised to do so.

The company's blog post states that "any sale or transfer of Anthropic stock, or any interest in Anthropic stock, offered by these firms is void and will not be recognized on our books and records." This move underscores the company's determination to maintain control over its equity distribution while navigating a high-value funding environment.