OpenAI Warns Against Robinhood Tokens Amid $300 Billion Valuation

HomeNews* OpenAI reached a $300 billion valuation and reported $10 billion in annual recurring revenue last month, mainly due to the success of ChatGPT.

• Trading platform Robinhood launched blockchain-based tokens that give investors indirect exposure to private companies such as OpenAI and SpaceX.
• OpenAI publicly warned that these “OpenAI tokens” do not represent actual OpenAI equity and that the company did not approve or endorse the offerings.
• Regulatory restrictions prevent U.S. users from accessing these crypto-enabled private equity tokens.
• Industry leaders, including BlackRock CEO Larry Fink, expect more financial assets to become “tokenized” using blockchain technology. OpenAI, the Artificial Intelligence company behind ChatGPT, achieved a $300 billion valuation earlier this year and recently reported $10 billion in annual recurring revenue. The company’s rapid growth has heightened investor interest in gaining access to its shares, even though it remains privately held.

• Advertisement - Recently, trading app Robinhood introduced blockchain-based tokens that allow some investors outside the U.S. to gain exposure to private firms like OpenAI and Elon Musk’s SpaceX. These tokens, which use blockchain to track and transfer assets, contributed to a surge in Robinhood’s own share price as demand for high-value private companies increased.

A Robinhood spokesperson also told Reuters that a recent promotional giveaway of OpenAI and SpaceX tokens, valued around 5 euros (about $5.40), was limited, and again tied to Robinhood’s arrangement with a special purpose investment structure. Due to regulations, U.S.-based investors cannot purchase these blockchain-based tokens.

Elon Musk, CEO of SpaceX and Tesla, commented after OpenAI’s warning by calling the company’s “equity” fake, referencing disputes over its shift from non-profit to a for-profit model. Musk did not criticize Robinhood providing tokens for SpaceX.

This move toward tokenized stocks is part of a larger effort by financial technology firms and Wall Street institutions to use blockchain—technology that enables secure, direct digital transactions—for broader market access. Earlier this year, BlackRock CEO Larry Fink predicted that, in the future, assets like stocks, bonds, and funds could all be tokenized on blockchain, making trading faster and less dependent on paperwork or wait times, describing it as “much like a digital deed.”

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