Proxy investment scams also exist in US equities? SpaceX investors claim their SPV shares have vanished, missing out on massive IPO gains.

According to The Wall Street Journal, multiple investors claim they indirectly held SpaceX shares via special purpose vehicles (SPVs) of investment firm Late Stage Management. However, after SpaceX went public in June 2026 at a $1.77 trillion valuation, investors were unable to access their accounts and were informed by the company that their shares had been sold in 2024, missing out on massive gains. The investors have filed complaints with the U.S. Securities and Exchange Commission (SEC) and hired legal counsel, with both sides holding major disputes over shareholding status. Founded in 2015, Late Stage marketed itself to individual investors as a channel to access unlisted shares of high-profile tech companies, claiming it would only generate revenue after the company’s shares went public. In March this year, three Late Stage executives admitted to fraud charges against investors. Federal prosecutors stated that Raymond John Pirrello Jr., Joseph Passalaqua, and Robert Cassino concealed markups and fees from investors. The three are awaiting sentencing, facing up to 20 to 45 years in prison. Lawyers noted that unlisted share issues are not part of their case. Lawyers for other executives did not immediately respond to requests for comment. SPVs linked to other potential blockbuster IPOs have also drawn attention. Anthropic, an AI firm expected to launch its IPO this fall, recently upset investors holding SPVs related to its stock. In May, the AI company updated a notice on its website stating it would not recognize sales of Anthropic shares without board approval, naming several online platforms that resold interests directly or indirectly via SPVs. At least two brokerages are still sending emails and text messages to potential investors, offering opportunities to acquire Anthropic stock through SPVs.