Robinhood launches synthetic CDO tied to SpaceX and ChatGPT

Robinhood just dropped a product that’s already drawing heat. On July 1, the company launched blockchain-based tokens tied to the valuations of OpenAI and SpaceX. These aren’t shares. They don’t come with voting rights. They don’t grant ownership. They’re synthetic contracts built on Arbitrum that track price movement. That’s the pitch. The tokens are only available to European users. U.S. investors are blocked due to regulatory restrictions.

OpenAI responded within 24 hours. “These ‘OpenAI tokens’ are not OpenAI equity,” the company posted on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.” That statement triggered a 3% drop in Robinhood’s stock after a 10% surge earlier in the week. SpaceX hasn’t commented. Elon Musk replied to OpenAI’s post with one word: “Fake.”

Robinhood $HOOD just created a synthetic CDO of SpaceX & ChatGPT…

They don't own shares… they will never own shares.
A CDO of a CDO 😉🤫 https://t.co/n3QezsbM9w pic.twitter.com/1Nk03YC7IH

— Financelot (@FinanceLancelot) July 3, 2025

Do not buy a crypto token representing a security

It is a scam and gives you no legal right to the underlying company https://t.co/eRHZMNAddA

— Roberto Rios (Peruvian Bull) (@peruvian_bull) July 3, 2025

One year ago in the thread below I warned about $HOOD running a ponzi scheme (and not even a complex one to spot)

Now $HOOD is issuing and selling to its customers Tokens without any value as you can see for this OpenAI statement

At what stage a Ponzi tells people to be careful… https://t.co/IFQOyWBjJU pic.twitter.com/NKC3hpNF8o

— JustDario 🏊‍♂️ (@DarioCpx) July 4, 2025

Robinhood says the tokens are backed by its stake in a special purpose vehicle. That SPV may hold indirect exposure to OpenAI and SpaceX. Some filings suggest the SPV itself owns stakes in other SPVs. That’s where the “CDO of a CDO” label comes from. Buyers aren’t getting equity. They’re getting exposure to exposure. The structure is layered. The rights are thin.

Each token is priced at €5. They’re non-transferable. They can’t be moved to external wallets. They can’t be redeemed for shares. They’re locked inside Robinhood’s system. The company says they offer “indirect access to private markets.” That’s the language. But OpenAI says no equity was transferred. No approval was granted. No partnership exists.

Robinhood CEO Vlad Tenev admitted the tokens “aren’t technically equity” but claimed they “effectively give retail investors exposure.” That’s the line. The company is calling it democratization. Others are calling it synthetic packaging. The tokens are built on Arbitrum. They track valuation. They don’t track governance.

The launch included a giveaway. European users who register by July 7 get free OpenAI and SpaceX tokens. That’s the bait. The broader rollout includes over 200 tokenized assets tied to ETFs and public stocks. Nvidia, Apple, Tesla. Those are part of the mix. But the private company tokens are the flashpoint.

Robinhood’s move comes as tokenization gains traction. Republic launched similar products last month. Their tokens are backed by exemptions from the SEC. Robinhood’s aren’t. That’s why they’re locked to Europe. The regulatory gap is real. The risk is baked in.