Investors are rushing into special purpose vehicles to gain exposure to SpaceX and OpenAI before their potential IPOs, Bloomberg Markets reports. These investment vehicles allow wealthy buyers to get a piece of the hottest private companies, but there's a catch: sometimes the funds don't actually own any shares.

This murky arrangement has become increasingly common as investors chase blockbuster returns from companies that may go public in the coming years. The strategy involves pooling money through SPVs, which can then invest in private companies or their shares. However, the structure means investors might only have indirect exposure rather than direct ownership.

The trend highlights the growing demand for access to private market darlings like SpaceX and OpenAI, whose valuations have soared in recent years. While these investments promise potentially massive returns, the lack of transparency and direct ownership creates significant risks for investors who may not fully understand what they're buying.