Court documents revealed Tuesday that Sam Altman, the head of OpenAI, possesses investments exceeding $2 billion in firms that have conducted business with the artificial intelligence company, as he confronts accusations of conflicts of interest from multiple sources including state prosecutors and Elon Musk, along with a congressional probe.
The investment portfolio details emerged during Tuesday’s court proceedings for Musk’s legal action demanding $150 billion in damages and Altman’s dismissal from his leadership role and board position. Musk’s allegations encompass breach of charitable trust and unjust enrichment. Altman has denied these accusations and testified about removing himself from crucial negotiations involving companies where he held investments.
On the same day, ten state attorneys general requested the Securities and Exchange Commission examine OpenAI documents before an anticipated public stock offering, while the House Committee on Oversight and Government Reform recently sought information from Altman regarding OpenAI’s conflict-of-interest policies.
During Tuesday’s proceedings, Musk’s primary attorney Steven Molo presented documentation showing Altman’s ownership stakes in nine firms with OpenAI business relationships and their market valuations as of December 31, 2025.
While Altman lacks direct ownership in OpenAI, he has accumulated a $4 billion fortune through venture capital investments made before and during his OpenAI leadership, according to Forbes calculations. The companies with OpenAI partnerships included a $1.7 billion position in fusion energy firm Helion Energy, a $633 million stake in financial technology company Stripe, and $258 million in longevity pharmaceutical firm Retro Biosciences, all maintaining OpenAI agreements.
The filing also showed Altman had divested his Reddit holdings by late 2025. His Reddit investments were valued at over $600 million when the platform went public in 2024, based on SEC records from that period. Additional companies listed included semiconductor manufacturer Cerebras, workforce management software developer Degree, known as Lattice, artificial intelligence device creator Humane, AI software developer Software Applications and AI pharmaceutical firm Trialspark, now called Formation Bio.
Altman testified he maintained friendships with Helion’s founders and initially invested in 2015. The company, working to construct the world’s first fusion energy facility, currently generates no revenue but carries a private market valuation of $5.4 billion.
According to his testimony, Altman approached OpenAI’s board about partnering with Helion in late 2022 and endorsed it as a beneficial arrangement. Helion initially contracted to provide future energy for OpenAI in 2024. Altman resigned from Helion’s board in March 2026 as the companies pursued a broader partnership.
Regarding the 2024 agreement, Altman stated he was “recused from it on both sides” and did not execute the contract.
Molo argued Altman faced an “obvious conflict” while leading negotiations for a May 2024 content collaboration between OpenAI and Reddit.
“We decided that the board would approve any final terms,” Altman responded. “I had other people in the room with me. This was a well-discussed standard corporate recusal.” Molo also challenged Altman about a $10 billion computing agreement with Cerebras, where Altman maintains a $3.2 million stake.
The attorneys general from Alabama, Arkansas, Florida, Idaho, Iowa, Louisiana, Montana, Nebraska, Oklahoma, and West Virginia, all Republicans, informed the SEC that “Altman’s conduct to date raises serious legal questions and demands close scrutiny.” The SEC declined to provide comment.
