OpenAI has become the world’s most valuable private company after reaching a $300 billion valuation earlier this year. The company’s massively popular ChatGPT chatbot is driving huge investor interest, with annual recurring revenue of $10 billion. However, OpenAI has warned people to be careful about tokens related to its equity, stating that they are not equivalent to actual shares.
The launch of tokenized equities has pushed Robinhood’s shares to an all-time high as traders seek access to the huge valuations commanded by OpenAI and SpaceX. However, U.S. investors cannot access these crypto-inspired tokens due to regulatory restrictions. Elon Musk, the CEO of SpaceX and Tesla, responded to OpenAI’s warning by saying its “equity” is fake, while criticizing its transition from a non-profit to a for-profit business model.
This move is part of a broader push by Wall Street giants and financial technology companies to open up markets using blockchain technology. Companies like Robinhood are using tokenization to offer investors indirect exposure to private markets, with BlackRock’s CEO Larry Fink believing that every stock, bond, and fund can be tokenized in the future.
Source: https://www.forbes.com/sites/digital-assets/2025/07/03