SpaceX, OpenAI IPO Craze Spurs Murky Deals: Delaware Brief

SpaceX, OpenAI IPO Craze Spurs Murky Deals

Financial elites around the world are hitting up their wealth managers and plugged-in friends for a way into SpaceX and OpenAI via special purpose vehicles, which hold private shares in such firms.

For companies whose valuations in an IPO can be as much as double their most recent funding round, even investors who effectively own fractions of shares are potentially in line for a windfall. But there’s one hitch, Bailey Lipschultz reports: In some cases, investors are forking over their money first, and legal questions around who really owns the stock, or if it ...