spv

SpaceX's IPO reveals that investors in multi-layered special purpose vehicles may not know their true share holdings until lock-ups lift, and could face unexpectedly low or zero allocations due to structural complexity and fees.

Justin Ernest raised nearly $400 million to invest in high-profile AI startups like Anthropic and SpaceX by using special purpose vehicles (SPVs) instead of a traditional VC fund, offering smaller institutional investors access to coveted late-stage deals.