we've had SPVs, we've had multi-layered SPVs, now get ready for Schrödinger's SPVs
SpaceX IPO leaves some private share buyers unsure what they own
Entrepreneur Tejpaul Bhatia is confident he owns a slice of Elon Musk’s SpaceX. But he can't be 100% sure.
www.reuters.com
March 25, 2026 at 9:22 PM
we've had SPVs, we've had multi-layered SPVs, now get ready for Schrödinger's SPVs
In the memo, “Nvidia also responds to claims that the ‘current situation is analogous to historical accounting frauds (Enron, WorldCom, Lucent) that featured vendor financing and SPVs [special purpose vehicles.)’”
@barrons.com $NVDA
@firstadopter.bsky.social
www.barrons.com/articles/nvi...
@barrons.com $NVDA
@firstadopter.bsky.social
www.barrons.com/articles/nvi...
November 24, 2025 at 7:08 PM
In the memo, “Nvidia also responds to claims that the ‘current situation is analogous to historical accounting frauds (Enron, WorldCom, Lucent) that featured vendor financing and SPVs [special purpose vehicles.)’”
@barrons.com $NVDA
@firstadopter.bsky.social
www.barrons.com/articles/nvi...
@barrons.com $NVDA
@firstadopter.bsky.social
www.barrons.com/articles/nvi...
HST power cars hauling Amfleets and demotored SPVs is...a vibe
Last week, I finally got to ride the #TrenInteroceánico - one of Mexico’s newest passenger services (and probably the most unique in the Americas at the moment!)
Here’s a thread about my two rides and an honest opinion about it 👇
Here’s a thread about my two rides and an honest opinion about it 👇
March 25, 2025 at 6:51 PM
HST power cars hauling Amfleets and demotored SPVs is...a vibe
People have been buying into SPVs that aren't even on the cap table of the companies they're trying to get exposure to. A lot of SPVs not only charge a premium to the last funding round, they also charge management and carry fees, making it unlikely for them to see a return even if the IPO does well
March 11, 2026 at 11:42 PM
People have been buying into SPVs that aren't even on the cap table of the companies they're trying to get exposure to. A lot of SPVs not only charge a premium to the last funding round, they also charge management and carry fees, making it unlikely for them to see a return even if the IPO does well
All these tech companies like Meta knew this was a bubble and structured these SPVs to get the equity bump while keeping the risk off the balance sheets. When this scheme eventually implodes, people need to go to prison. We can't have this happen again without consequences.
November 24, 2025 at 2:30 PM
All these tech companies like Meta knew this was a bubble and structured these SPVs to get the equity bump while keeping the risk off the balance sheets. When this scheme eventually implodes, people need to go to prison. We can't have this happen again without consequences.
Subprime flashbacks: opaque, leveraged SPVs. #econsky
“This opacity of all these SPVs is somewhat reminiscent of the subprime mortgage crisis… the combination of uncertain demand, rapid technological change, execution bottlenecks, and high leverage creates meaningful downside risk if expectations are revised.“ www.reuters.com/business/fin...
Financing of historic AI buildout raises systemic risks in US, researcher says
The artificial intelligence buildout is on track to require a larger share of US output than the rollout of electricity, railroads, interstate highways or the internet, with an increasingly complicat...
www.reuters.com
September 24, 2026 at 5:51 PM
Subprime flashbacks: opaque, leveraged SPVs. #econsky
Opaque SPVs, leveraged subprime vibes. #econsky
“This opacity of all these SPVs is somewhat reminiscent of the subprime mortgage crisis… the combination of uncertain demand, rapid technological change, execution bottlenecks, and high leverage creates meaningful downside risk if expectations are revised.“ www.reuters.com/business/fin...
Financing of historic AI buildout raises systemic risks in US, researcher says
The artificial intelligence buildout is on track to require a larger share of US output than the rollout of electricity, railroads, interstate highways or the internet, with an increasingly complicat...
www.reuters.com
September 24, 2026 at 5:50 PM
Opaque SPVs, leveraged subprime vibes. #econsky
OpenAI isn't the only AI company looking to crack down on SPVs.
OpenAI warns against SPVs and other ‘unauthorized’ investments | TechCrunch
OpenAI isn't the only AI company looking to crack down on SPVs.
techcrunch.com
August 23, 2025 at 8:31 PM
OpenAI isn't the only AI company looking to crack down on SPVs.
Something weird is going on here. This doesn't feel like it's about the safety of investors, SPVs were a big part of at least funding Anthropic. I guess they don't want anyone getting carry or fees off the investment? Or people they don't want owning stock? Very strange
OpenAI warns investors against "unauthorized opportunities" to gain exposure to its equity, including through special purpose vehicles (Anthony Ha/TechCrunch)
Main Link | Techmeme Permalink
Main Link | Techmeme Permalink
August 24, 2025 at 3:12 AM
Something weird is going on here. This doesn't feel like it's about the safety of investors, SPVs were a big part of at least funding Anthropic. I guess they don't want anyone getting carry or fees off the investment? Or people they don't want owning stock? Very strange
This chart suggests yes! Hyperscalers ARE crowding out the US Treasury!
September 24, 2026 at 5:58 AM
This chart suggests yes! Hyperscalers ARE crowding out the US Treasury!
Also the SPVs were carefully designed to game the auditing rules even if the auditors had an incentive to look deeply.
September 20, 2026 at 9:25 AM
Also the SPVs were carefully designed to game the auditing rules even if the auditors had an incentive to look deeply.
ลองเอามาวางรวมกัน SPVS เอง
January 27, 2025 at 2:59 AM
ลองเอามาวางรวมกัน SPVS เอง
“.. Bankers estimate there are at least a thousand SPVs tied to SpaceX stock alone, and it will be a chance for scores of investors to cash in on the shares’ growth. Or, they could be hit by the same panic .. if their share of the profits fails to materialize.”
www.wsj.com/finance/stoc...
www.wsj.com/finance/stoc...
August 6, 2026 at 2:35 AM
“.. Bankers estimate there are at least a thousand SPVs tied to SpaceX stock alone, and it will be a chance for scores of investors to cash in on the shares’ growth. Or, they could be hit by the same panic .. if their share of the profits fails to materialize.”
www.wsj.com/finance/stoc...
www.wsj.com/finance/stoc...
This newsletter is an unnerving manual for conning and getting conned. www.bloomberg.com/opinion/arti...
People Really Want SpaceX Shares
SPVs, insider trading on getting fired, Target Pride securities fraud, Riot Platforms and impersonating a stockbroker.
www.bloomberg.com
December 12, 2024 at 6:10 PM
This newsletter is an unnerving manual for conning and getting conned. www.bloomberg.com/opinion/arti...
Alumni Ventures doesn't seem to have a contact person, so let's see if Michael Phillips, the Board Secretary will answer our correspondence.
There are also plenty of social media accounts listed at the bottom.
There are also plenty of social media accounts listed at the bottom.
Alumni Ventures: Your Venture Investing Partner - Alumni Ventures
We co-invest alongside VCs like Sequoia, Andreessen Horowitz & General Catalyst—no blind-pools or SPVs.
www.av.vc
October 3, 2025 at 4:48 PM
Alumni Ventures doesn't seem to have a contact person, so let's see if Michael Phillips, the Board Secretary will answer our correspondence.
There are also plenty of social media accounts listed at the bottom.
There are also plenty of social media accounts listed at the bottom.
Joined Ed Elson on Prof G Markets to talk about how data center debts are the subprime mortgages of the AI bubble, and how big tech uses SPVs to hide over a trillion dollars of debt off-balance-sheet.
youtu.be/JBaoCFKRbzQ?...
youtu.be/JBaoCFKRbzQ?...
AI Has A Hidden Debt Problem
YouTube video by Prof G Markets
youtu.be
July 23, 2026 at 2:02 PM
Joined Ed Elson on Prof G Markets to talk about how data center debts are the subprime mortgages of the AI bubble, and how big tech uses SPVs to hide over a trillion dollars of debt off-balance-sheet.
youtu.be/JBaoCFKRbzQ?...
youtu.be/JBaoCFKRbzQ?...
“This opacity of all these SPVs is somewhat reminiscent of the subprime mortgage crisis… the combination of uncertain demand, rapid technological change, execution bottlenecks, and high leverage creates meaningful downside risk if expectations are revised.“ www.reuters.com/business/fin...
Financing of historic AI buildout raises systemic risks in US, researcher says
The artificial intelligence buildout is on track to require a larger share of US output than the rollout of electricity, railroads, interstate highways or the internet, with an increasingly complicat...
www.reuters.com
September 24, 2026 at 5:42 PM
“This opacity of all these SPVs is somewhat reminiscent of the subprime mortgage crisis… the combination of uncertain demand, rapid technological change, execution bottlenecks, and high leverage creates meaningful downside risk if expectations are revised.“ www.reuters.com/business/fin...
Sequoia’s Roelof Botha warns ‘chumps’ not to buy into SPVs
Sequoia’s Roelof Botha warns ‘chumps’ not to buy into SPVs
Sequoia's Roelof Botha apparently sees another greed cycle brewing in venture capital where the least sophisticated investors could get hurt.
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tcrn.ch
February 28, 2025 at 12:44 AM
Sequoia’s Roelof Botha warns ‘chumps’ not to buy into SPVs
Tech companies are using SPVs (special purpose vehicles) to hide the data center debt to keep it from affecting their stock prices. An estimated $2 trillion 🥰. What's worse its for data centers that aint even been built yet with GPUs that depreciate like used toilet paper sitting in warehouses.
September 25, 2026 at 2:04 PM
Tech companies are using SPVs (special purpose vehicles) to hide the data center debt to keep it from affecting their stock prices. An estimated $2 trillion 🥰. What's worse its for data centers that aint even been built yet with GPUs that depreciate like used toilet paper sitting in warehouses.
Free newsletter: The $500bn in AI data center debt is the subprime mortgage crisis of the AI bubble. The dangerous financial instruments and SPVs funding the data center buildout pose a systemic risk on the level of the great financial crisis.
www.wheresyoured.at/the-subprime-data-center-crisis/
www.wheresyoured.at/the-subprime-data-center-crisis/
The Subprime Data Center Crisis
Thanks for reading this week’s free Where’s Your Ed At newsletter. Friday’s premium newsletter will ask the simple question: Is Oracle dying?
It’s been one year since I launched the premium newslett...
www.wheresyoured.at
July 22, 2026 at 4:44 PM
Free newsletter: The $500bn in AI data center debt is the subprime mortgage crisis of the AI bubble. The dangerous financial instruments and SPVs funding the data center buildout pose a systemic risk on the level of the great financial crisis.
www.wheresyoured.at/the-subprime-data-center-crisis/
www.wheresyoured.at/the-subprime-data-center-crisis/
SPVS อีกแล้ว
แต่ชอบวาดเวลาเขาสู้ พยายามคิดแอคชั่นใช้ปืนหลายๆแบบอยู่
แต่ชอบวาดเวลาเขาสู้ พยายามคิดแอคชั่นใช้ปืนหลายๆแบบอยู่
February 5, 2025 at 9:10 AM
SPVS อีกแล้ว
แต่ชอบวาดเวลาเขาสู้ พยายามคิดแอคชั่นใช้ปืนหลายๆแบบอยู่
แต่ชอบวาดเวลาเขาสู้ พยายามคิดแอคชั่นใช้ปืนหลายๆแบบอยู่
Looks like Enron’s maze of twisty SPVs all alike. Except for a whole industry.
Damn. @tobyn.bsky.social has produced the most detailed map of Big AI’s incestuous relationships I’ve seen so far. And it’s interactive! www.ft.com/content/8475...
September 18, 2026 at 8:06 AM
Looks like Enron’s maze of twisty SPVs all alike. Except for a whole industry.
I AM WATCHING YOU
ลองวาดมุมแปลกๆ(ที่หมายถึงมุมที่ไม่เคยวาดบ้าง)
เหยื่อคือspvsเพราะคอนทราสจัดวาดง่ายสุด(...)
ลองวาดมุมแปลกๆ(ที่หมายถึงมุมที่ไม่เคยวาดบ้าง)
เหยื่อคือspvsเพราะคอนทราสจัดวาดง่ายสุด(...)
February 25, 2025 at 9:24 AM
I AM WATCHING YOU
ลองวาดมุมแปลกๆ(ที่หมายถึงมุมที่ไม่เคยวาดบ้าง)
เหยื่อคือspvsเพราะคอนทราสจัดวาดง่ายสุด(...)
ลองวาดมุมแปลกๆ(ที่หมายถึงมุมที่ไม่เคยวาดบ้าง)
เหยื่อคือspvsเพราะคอนทราสจัดวาดง่ายสุด(...)