OpenAI has distanced itself from Robinhood’s new “OpenAI token” campaign, saying it did not authorize or participate in the promotion that offers users exposure to its ‘equity’ through tokenized assets.
The AI company issued a firm statement on X on Wednesday, rejecting any involvement in the initiative, which the trading platform unveiled earlier this week.
On Monday, Robinhood announced a giveaway of 5 euros worth of OpenAI and SpaceX tokens to eligible users in the European Union who register to trade its newly introduced stock tokens by July 7.
The move was part of a broader product rollout in Cannes, France, focused on tokenized equities and blockchain infrastructure. The news sent Robinhood shares soaring to a new all-time high, crossing the $100 mark.
These “OpenAI tokens” are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval—we did not approve any transfer.
Please be careful.— OpenAI Newsroom (@OpenAINewsroom) July 2, 2025
“Your Equity is Fake”: Elon Musk
In response, Elon Musk, who co-founded OpenAI and currently leads SpaceX, amplified OpenAI’s denial with a blunt post of his own.
“Your ‘equity’ is fake,” Musk wrote on X. His remark echoed his long-standing criticism of OpenAI’s shift from a nonprofit to a profit-driven model.
However, his comment focused on OpenAI’s internal structure. He did not address the SpaceX tokens that were also part of the promotion.
Robinhood, for its part, defended the offering. CEO Vlad Tenev acknowledged that the tokens were not technically equity but argued they give retail users a rare opportunity to gain exposure to private tech giants.
“Our giveaway plants a seed for something much bigger,” he wrote, adding that the company has heard from many private firms interested in joining what he called a “tokenization revolution.”
At our recent crypto event, we announced a limited Stock Token giveaway on OpenAI and SpaceX to eligible European customers. While it is true that they aren’t technically “equity” (you can see the precise dynamics in our Terms for those interested), the tokens effectively give…
— Vlad Tenev (@vladtenev) July 2, 2025
Robinhood Says Tokens Offer Access, Not Equity, as Debate Over Legitimacy Grows
According to the company, the assets are issued through a special purpose vehicle. They are then offered via Robinhood’s crypto platform.
In addition, the company is using the EU’s more relaxed rules on investor participation to enable the launch.
Further, Robinhood has stated that these tokens are designed to offer indirect exposure to private companies. This approach aims to expand access for individual investors who are typically excluded from traditional venture capital markets.
Supporters online echoed that view. One user posted that the critics were “missing the forest for the trees. According to the post, access matters more than legal precision for everyday investors. In response, Tenev replied with a single word: “precisely.”
Still, the episode shows ongoing tensions in the crypto space.
On one side are platforms eager to democratize access to financial markets. On the other are companies whose brand and equity are being represented on-chain without formal partnerships.
Additionally, regulatory barriers prevent US users from accessing these tokens.
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