diff --git a/src/together/lib/cli/utils/_preparse_tokens.py b/src/together/lib/cli/utils/_preparse_tokens.py
index 4c2910800..293f899c0 100644
--- a/src/together/lib/cli/utils/_preparse_tokens.py
+++ b/src/together/lib/cli/utils/_preparse_tokens.py
@@ -97,17 +97,18 @@ def _long_option_names_in_tokens(tokens: list[str]) -> list[str]:
     return names
 
 
-def _legacy_command_before_first_option(tokens: list[str]) -> tuple[str, bool]:
+def _unknown_command_fallback(tokens: list[str]) -> tuple[str, bool]:
     """Fallback when cyclopts cannot resolve a command chain (unknown invocations)."""
-    parts: list[str] = []
-    for token in tokens:
-        if token.startswith("--"):
-            break
-        parts.append(token)
-    is_beta_command = bool(parts and parts[0] == "beta")
-    if is_beta_command:
-        parts = parts[1:]
-    return (" ".join(parts), is_beta_command)
+    is_beta_command = bool(tokens and tokens[0] == "beta")
+    command_index = 1 if is_beta_command else 0
+    if command_index >= len(tokens) or tokens[command_index].startswith("-"):
+        return ("", is_beta_command)
+
+    # Once command resolution fails, every later token may be an argument value.
+    # Keep only the unknown subcommand, including when a caller supplied a quoted
+    # invocation as one token.
+    command = tokens[command_index].split(maxsplit=1)[0]
+    return (command, is_beta_command)
 
 
 # First subcommand token only (alias -> primary name) for stable telemetry.
@@ -149,7 +150,7 @@ def preparse_tokens(app: App, tokens: list[str]) -> tuple[str, list[str], bool,
     argv = list(tokens)
     argv = _expand_implicit_retrieve_tokens(app, *argv)
     chain, apps, rest_after_chain = app.parse_commands(argv, include_parent_meta=False)
-    legacy_cmd, legacy_beta = _legacy_command_before_first_option(argv)
+    fallback_cmd, fallback_beta = _unknown_command_fallback(argv)
 
     if chain:
         is_beta_command = chain[0] == "beta"
@@ -157,10 +158,10 @@ def preparse_tokens(app: App, tokens: list[str]) -> tuple[str, list[str], bool,
         parsed_command = " ".join(chain_tail)
         # ``beta`` alone matches first; remaining tokens are not nested beta subcommands (invalid path).
         if chain == ("beta",) and rest_after_chain:
-            parsed_command = legacy_cmd
+            parsed_command = fallback_cmd
     else:
-        parsed_command = legacy_cmd
-        is_beta_command = legacy_beta
+        parsed_command = fallback_cmd
+        is_beta_command = fallback_beta
 
     # App.default handlers (e.g. beta endpoints retrieve) don't rewrite argv; still tag telemetry.
     parsed_command = _telemetry_command_for_default(parsed_command, apps, rest_after_chain)
diff --git a/tests/cli/test_command_telemetry.py b/tests/cli/test_command_telemetry.py
index 83e990112..a2e5c893b 100644
--- a/tests/cli/test_command_telemetry.py
+++ b/tests/cli/test_command_telemetry.py
@@ -195,6 +195,22 @@ def test_unknown_option_equals_value_telemetry_strips_value(
     assert "hunter2secret" not in failed["error"]
 
 
+@pytest.mark.usefixtures("isolated_cli_config")
+def test_unknown_command_telemetry_omits_argument_values(
+    track_cli_capture: list[tuple[CliTrackingEvents, dict[str, Any]]],
+    cli_runner: CliRunner,
+) -> None:
+    r = cli_runner.invoke(["chat", "-m", "private-model", "-p", "private prompt"])
+    assert r.exit_code == 1
+    assert _event_kinds(track_cli_capture) == [
+        CliTrackingEvents.CommandStarted.value,
+        CliTrackingEvents.CommandFailed.value,
+    ]
+    for _, payload in track_cli_capture:
+        assert payload["command"] == "chat"
+        assert "private" not in repr(payload)
+
+
 @pytest.mark.usefixtures("isolated_cli_config")
 def test_command_keyboard_interrupt_emits_started_then_user_aborted(
     track_cli_capture: list[tuple[CliTrackingEvents, dict[str, Any]]],
diff --git a/tests/unit/test_cli_telemetry.py b/tests/unit/test_cli_telemetry.py
index bd7dab89e..2d447c4b8 100644
--- a/tests/unit/test_cli_telemetry.py
+++ b/tests/unit/test_cli_telemetry.py
@@ -445,6 +445,29 @@ def test_parse_command_and_flags_positionals_are_argument_names_not_command_toke
     assert is_beta is True
 
 
+@pytest.mark.parametrize(
+    ("tokens", "expected_command", "expected_beta"),
+    [
+        (["chat", "-m", "private-model", "-p", "private prompt"], "chat", False),
+        (["chat", "private-model", "private prompt"], "chat", False),
+        (["chat -m private-model -p private-prompt"], "chat", False),
+        (["beta", "unknown", "private-value"], "unknown", True),
+    ],
+)
+def test_parse_unknown_command_does_not_treat_argument_values_as_command_tokens(
+    tokens: list[str],
+    expected_command: str,
+    expected_beta: bool,
+) -> None:
+    from together.lib.cli import app
+    from together.lib.cli.utils._preparse_tokens import preparse_tokens
+
+    cmd, _, is_beta, _ = preparse_tokens(app, tokens)
+    assert cmd == expected_command
+    assert is_beta is expected_beta
+    assert "private" not in cmd
+
+
 def test_telemetry_status_no_api_key(monkeypatch: pytest.MonkeyPatch, cli_runner: CliRunner) -> None:
     monkeypatch.delenv("TOGETHER_API_KEY", raising=False)
     monkeypatch.delenv("TOGETHER_TELEMETRY_DISABLED", raising=False)