Vulnerability is a pivotal concept for understanding transnational commercial surrogacy and the ethics of reproductive travel. While implicitly recognizing vulnerability as important, existing scholarship falls short of understanding the dynamism of vulnerability. Placing our empirical analysis in conjunction with the rich theoretical literature on this concept, we explore vulnerability in surrogacy arrangements in India as a “mode of openness,” defined by its multilayeredness and context specificity. We focus on two retellings of vulnerability. In the first narrative, we analyse the journey of an intended parent who becomes an agent, while in the second narrative, we focus on the trajectory of a surrogate and egg donor becoming an agent. In both narratives, the layers of vulnerability across different interconnected circuits of reproduction—of intended parent, agent, and surrogate—are explicated. Our analysis illustrates the complex and conflicting meanings of vulnerability and illustrates vulnerability as an instigator of agency and resistance; how it can propel upward social mobility and animate attempts to transform an unjust system, but also how such individual agency and empowerment may serve to uphold exploitative relationships. © The Author(s) 2023.