Hiive's xAI SPVs Fell From $8.7M to $899K as the Smallest Drew 142 Investors

Hiive's documented run of xAI special-purpose vehicles became progressively smaller even as the reported investor base in the final vehicle expanded sharply.

HII xAI-01 reported $8,656,115 sold to 96 investors, HII xAI-02 reported $2,889,117 sold to 50 investors, and HII xAI-03 reported $899,452 sold to 142 investors. Their disclosed first-sale dates — December 19, December 24 and February 3 — span 46 days.

Measured from xAI-01 to xAI-03, the amount sold declined approximately 89.6%. The smallest vehicle nevertheless reported the largest investor count in the numbered sequence.

The filings establish that progression. They do not reveal whether it resulted from changing investor demand, reduced availability of xAI shares, different transaction pricing, a decision to divide inventory among vehicles or errors in the reported fields.

What stands out

1. Vehicle size declined from $8.66 million to $2.89 million and then to $899,452. Each initial filing listed total offering amount equal to total amount sold, with zero remaining to be sold.

2. Investor count moved in the opposite direction. The first two vehicles reported 96 and 50 investors, while the sub-$1 million xAI-03 vehicle reported 142.

3. xAI-03's reported figures do not reconcile cleanly. Its amount sold divided by 142 investors equals approximately $6,334 per investor, despite a stated $25,000 outside-investor minimum. The filing also reports $341,420 in sales commissions, equal to approximately 38% of amount sold on its face.

Three numbered xAI vehicles fell from $8.66 million to less than $1 million

HII xAI-01 reported a first sale on December 19, 2025. Its initial Form D listed $8,656,115 sold to 96 investors, a $25,000 minimum investment and $321,219 in sales commissions. A March 23 amendment repeated the same amount-sold figure.

HII xAI-02 reported a first sale five days later, on December 24. Its filing listed $2,889,117 sold to 50 investors, the same $25,000 stated minimum and $102,959 in sales commissions.

HII xAI-03 reported a February 3, 2026 first sale. Its filing listed $899,452 sold to 142 investors, a $25,000 minimum investment and $341,420 in sales commissions.

The decline from xAI-01 to xAI-03 was $7,756,663, or approximately 89.6%. The sequential names and closely spaced first-sale dates make the filings useful as a series-level record, but each SPV remains a separate legal issuer rather than an amendment to one continuously shrinking fund.

The smallest xAI vehicle reported the widest investor base

Dividing amount sold by reported investor count produces simple averages of approximately $90,168 for xAI-01, $57,782 for xAI-02 and $6,334 for xAI-03.

Those figures are arithmetic averages, not disclosed subscription sizes. Form D does not identify investors, reveal the distribution of commitments or establish that every reported investor was subject to the outside-investor minimum.

Even with that limitation, xAI-03's fields do not reconcile if all 142 investors were outside investors subject to a $25,000 minimum. At that minimum, 142 subscriptions would total $3.55 million, nearly four times the amount sold reported in the filing.

The filing does not explain whether the investor count includes holders outside the minimum's scope, whether a reported field was entered incorrectly or whether another structural feature accounts for the difference. AltStreet has not reviewed subscription agreements, capital-account records or offering documents for the vehicle.

The reported xAI-03 commission figure also requires reconciliation

The first two numbered vehicles reported sales commissions equal to approximately 3.7% and 3.6% of their respective amounts sold: $321,219 for xAI-01 and $102,959 for xAI-02.

xAI-03 reported $341,420 in sales commissions against $899,452 sold. Mathematically, that equals approximately 38.0% of the vehicle's reported amount sold.

That calculation does not establish that investors were charged a 38% fee. Form D does not explain the commission base, timing, allocation between transactions or whether the amount reflects a filing error.

It does establish that the reported commission figure is unusually large relative to the amount sold and differs materially from the apparent commission ratios in the preceding numbered vehicles.

An earlier Hiive xAI vehicle used a different structure

Before the numbered HII sequence, Hiive xAI Series I reported $5,029,565 sold to 89 investors, with a first sale dated May 21, 2025.

That vehicle was administered through Sydecar and claimed the Section 3(c)(1) exclusion. The later numbered HII vehicles listed Hiive Markets Limited in the sales-compensation section and did not use identical Investment Company Act selections across every filing.

The earlier vehicle provides relevant history, but it should not be folded mechanically into the xAI-01, xAI-02 and xAI-03 progression. The cleaner comparison is among the three numbered vehicles sharing the HII naming convention, address and stated $25,000 minimum.

The sequence does not prove that demand for xAI fell

A smaller private-company secondary SPV can result from weaker buyer demand, but it can also result from a smaller block of shares becoming available. Secondary vehicles are constrained by inventory, seller willingness and transfer approvals as well as investor appetite.

Form D reports securities sold by each vehicle. It does not disclose how many investors requested allocations, whether subscriptions were reduced, the price paid for the underlying xAI shares, the number of shares acquired or the identity of the seller.

The defensible conclusion is narrow: reported amount sold across the three numbered xAI SPVs declined by approximately 90%, while the smallest vehicle reported the largest investor count.

The filings do not establish that demand for xAI exposure fell by the same percentage.

Polymarket-07 closes the apparent numbering gap

The public sequence initially appeared to move from HII Polymarket-06 directly to HII Polymarket-08. A targeted EDGAR search identified HII Polymarket-07, a Series of HII Polymarket-B, LLC, under CIK 0002139087.

Polymarket-07 filed its Form D on June 9, 2026 and reported June 1 as its date of first sale. That is the same first-sale date reported by Polymarket-08, indicating that the two vehicles were launched in parallel rather than representing a missing stage in the sequence.

Polymarket-07 reported a $3.7 million total offering amount, $0 in total amount sold and 42 investors. Those fields are difficult to reconcile on their face: a reported first sale and 42 investors ordinarily imply that some securities had been sold, yet Item 13 reports zero.

AltStreet states those fields exactly as filed. The public notice does not establish whether the zero amount sold is an entry error, whether the investor count reflects a different reporting population or whether another structural explanation applies. A corrected filing, later amendment or offering records would be needed to resolve the discrepancy.

Polymarket-07 and -08 were twin June 1 vehicles with very different filed results

HII Polymarket-08 also reported June 1, 2026 as its date of first sale, but its June 9 filing listed $4,686,400 sold to 69 investors.

The contrast is therefore not between a missing Polymarket-07 and a completed Polymarket-08. It is between two separately filed vehicles with the same reported first-sale date: one showing $4.69 million sold and the other showing no sales despite a nonzero investor count.

Form D does not disclose whether the vehicles acquired different classes or blocks of Polymarket-related securities, served different investor groups or were divided for administrative reasons.

Across seven documented Hiive-linked Polymarket vehicles, cumulative amounts sold total approximately $31.9 million based on the filing snapshots reviewed by AltStreet. Polymarket-07 contributes zero to that total because zero is the amount sold reported in its initial notice.

Polymarket-06 shows why an unchanged amendment can mislead

HII Polymarket-06 filed an initial Form D reporting $6,381,015 sold to 79 investors, followed by an amendment one day later that repeated the same amount.

Viewed without timing context, the unchanged amendment could resemble a lack of sales progress. Filed only one day after the original notice, it is more consistent with an immediate correction or administrative update than with a meaningful fundraising interval.

The broader vehicle sequence continued after Polymarket-06. Polymarket-07 and Polymarket-08 both report June 1 first-sale dates, approximately five weeks after the Polymarket-06 amendment.

The filings therefore provide no support for treating the one-day unchanged amendment as evidence that Hiive's Polymarket activity had stalled.

Hiive's filings often appear when an SPV is already substantially complete

The xAI and Polymarket filings frequently list total offering amount equal to total amount sold and zero remaining to be sold.

That pattern indicates that the initial public filing often functions as a record of a substantially completed SPV rather than a continuously updated fundraising counter.

Polymarket-07 is a notable exception because it reports a finite $3.7 million offering, zero sold and 42 investors. That inconsistency is a reason to await clarification, not a basis for declaring the vehicle unsuccessful.

For serial SPVs, the more useful public signals are the amount sold and investor count in each newly formed vehicle, changes in minimums or commission fields, and amendments filed after a meaningful interval.

What the filings do not show

The filings do not disclose the number or class of xAI or Polymarket shares held by each vehicle, the acquisition price, private-company valuation, markup, management fee, carried interest, distribution waterfall or expected holding period.

They do not reveal whether smaller xAI vehicles resulted from limited inventory, weaker demand, allocation limits, transfer restrictions or a sponsor decision to divide a transaction differently.

The amount-sold-per-investor calculations are arithmetic averages and should not be treated as actual or median check sizes.

The xAI-03 minimum-investment and commission discrepancies cannot be resolved from Form D alone.

Likewise, Polymarket-07's reported combination of a June 1 first sale, 42 investors and $0 sold cannot be reconciled from the public filing. AltStreet does not convert the $3.7 million offering amount into an assumed raise.

Offering documents, subscription records and administrator data would be required to determine whether these fields reflect unusual economics, different reporting populations or filing errors.

Filing limitations

Form D is a notice of an exempt securities offering, not an audited financial statement, offering memorandum or investor register. The SEC states that it has not necessarily reviewed the information and has not determined whether it is accurate or complete.

AltStreet has not reviewed offering documents or subscription records for the vehicles discussed. Amounts, investor counts, minimums and commissions are presented as reported and may be corrected by later amendments.

Nothing in this article constitutes investment advice or a recommendation regarding xAI, Polymarket, Hiive or any private-market security.