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Conspiracy theories are widely viewed as stigmatized beliefs, and it is often assumed that sharing them will therefore have negative reputational consequences for individuals. In six experiments (two pre-registered), we examined how sharing conspiracy theories can have important consequences for both impression-management and impression-formation. Experiment 1 (N = 354) highlighted people’s awareness of an impression-management strategy in sharing conspiracy theories. Participants perceived that others would share conspiracy theories when aiming to create unfavorable impressions, and would avoid sharing them to create favorable impressions. Experiments 2 and 3 (Ns = 137 and 150) examined participants’ own impression-management motives for sharing conspiracy theories and demonstrated that these motives depended on their own conspiracy beliefs. Specifically, participants with weaker conspiracy beliefs perceived that they would share conspiracy theories mainly to portray themselves negatively, and as radical, unstable, and unique people, whereas those with stronger conspiracy beliefs perceived that they would share conspiracy theories mainly to appear stable and honest. Experiments 4a, 4b and 5 (Ns = 248, 250 and 417) focused on impression-formation. Participants evaluated fictitious politicians who shared (vs. refuted) conspiracy theories as less predictable and competent, but also as a “rogue” political outsider who is likely to effect change. Moderation analyses indicated that these differences were less pronounced or even reversed among participants with right-wing attitudes (Experiments 4a, Experiment 5) and those with strong conspiracy beliefs (Experiment 5). We discuss the importance of examining conspiracy theories from this communicative perspective.