The full form of SPV is Special Purpose Vehicle.

A Special Purpose Vehicle (SPV) is a legal entity created for a specific purpose. In the context of raising capital, a SPV (usually structured as LLC) can be used as a funding structure, by which all investors (or investors under a given investment threshold) are pooled together into a single entity.

The Special Purpose Vehicle costs $2,110 to set up. The variability arises because the SPV Manager passes through the costs of making the applicable Blue Sky filings, described below. Some states, like New York, do not have a Blue Sky filing fee. Other states, like Arizona and California do have filing fees. The SPV manager passes through the associated costs of filing in those states.

Example 1

SPV with 10 investors, all of whom are from NY would cost $2,110. This is because New York does not charge any Blue Sky filing fees. Therefore, there are no Blue Sky pass through costs added to the base SPV fee.
Example 2

Special Purpose Vehicles with 10 investors who are from NY, CA, and AZ would cost ~$2,385. Here, CA and AZ