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Anthropic said no SPVs. 15 vehicles named after it started selling anyway

Tools and processesNov 9, 2026
Konstantinos G

by Konstantinos G

@emarkssLvl 6·Maker

Anthropic's help page has said since 11 February 2026 that it does not permit special purpose vehicles (SPVs) to acquire its stock, and that any transfer to one is void.

I searched the SEC's EDGAR for every Form D that names Anthropic, OpenAI or xAI and read the structured filings. 74 vehicles named after Anthropic have filed since 2023. Together they report $189.5 million raised, through 2,060 investor entries.

15 of the 74 report a first sale after 11 February, for $34.6 million.

What I learned doing it: a Form D proves a vehicle raised money. It does not say what the money bought. A vehicle called "Anthropic Fund II" may hold approved shares, a forward contract on shares someone hopes to sell later, a slice of another fund, or nothing yet. The filing is silent, so I can't tell you which, and neither can the investors from the filing alone.

30 of the 74 are series of one Delaware LLC whose filings all list Sydecar, an SPV-administration platform; each series has its own manager.

Full count, method and caveats in yesterday's X Article: https://x.com/con_golias/status/2119478653239070783

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1 reply

Mark Rosario
Mark Rosario@markrosarioLvl 8·Shipper·20h
15 of 74 vehicles raising $34.6M after the notice is the detail that makes this land — the policy said no, and the filings show the money kept moving anyway. Digging through the Form Ds instead of just quoting the help page is what makes it stick.
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