Shares in these unicorns aren't meant to trade. So why are Aussie platforms offering them?
OpenAI, Anthropic and Revolut are some of the big names listed on private market platforms in Australia. The startups say they shouldn't be there.
Private market platforms based in Australia are offering local wholesale investors the chance to buy into some of the world's most valuable and highly touted startups, from AI developers OpenAI and Anthropic to UK fintech Revolut and more.
But there's just one problem. The startups themselves say they don't permit secondary trading in their shares, and that the platforms have no right to facilitate it, raising risks that any equity transacted could be voided.
In Australia PrimaryMarkets, owned by ASX-listed fintech Complii, and the recently launched FloatX, backed by the owner of the listings-free Sydney Stock Exchange, advertise the opportunity for sophisticated investors to invest in OpenAI, Revolut, and Anthropic among others.
But ChatGPT maker OpenAI which earlier this month took aim at the unapproved tokenisation of its shares by US broker Robinhood, does not allow its stock to be bought and sold on secondary marketplaces, Capital Brief has established. And Anthropic, the USD61.5 billion company behind popular AI model Claude, requires strict board approval on all share transfers.
