By Kenrick Cai
OAKLAND, California, May 13 (Reuters) - OpenAI Chief Executive Sam Altman holds more than $2 billion in companies that have done business with the artificial intelligence company, a court document showed as Altman faces claims of self-dealing from state attorneys general and Elon Musk, as well as a U.S. congressional investigation.
The list of investments was shown in court on Tuesday in hearings on Musk's lawsuit seeking $150 billion in damages as well as Altman’s removal as an officer
and board member. Musk's claims include breach of charitable trust and unjust enrichment. Altman has rejected those claims and in court described recusing himself from key discussions with companies in which he invested.
Ten U.S. attorneys general on Tuesday also asked the U.S. Securities and Exchange Commission to scrutinize documents from OpenAI ahead of an expected initial public offering, and the U.S. House of Representatives' Committee on Oversight and Government Reform last week asked Altman for information on OpenAI policies to prevent conflicts of interest.
In court on Tuesday, Musk’s lead trial lawyer Steven Molo exhibited a document that revealed Altman’s holdings in nine companies that had done business with OpenAI and their fair market value as of December 31, 2025.
COMPANY STAKES
Altman does not hold direct equity in OpenAI, although he has amassed a $4 billion net worth, according to Forbes estimates, through venture capital investments he made prior to and during his tenure at OpenAI. The list of companies with OpenAI deals included a $1.7 billion stake in fusion power company Helion Energy, a $633 million stake in financial software company Stripe, and $258 million in anti-aging pharmaceutical company Retro Biosciences, all of which have OpenAI deals.
The document also revealed Altman had sold off a stake in Reddit by the end of 2025. Altman's holdings were worth more than $600 million on the day the company went public in 2024, according to SEC filings at the time. The other companies on the list included chip maker Cerebras, people management software maker Degree, which is known as Lattice, AI device maker Humane, AI software maker Software Applications and AI pharmaceutical company Trialspark, now known as Formation Bio.
Altman was friends with Helion’s founders and first invested in the company in 2015, he testified. The company, which is aiming to build the world’s first fusion power plant, does not generate any revenue but has been valued in the private market at $5.4 billion.
Altman testified that he asked OpenAI’s board to explore working with Helion in late 2022 and that he vouched for it being a good deal. Helion first signed an agreement to secure future energy for OpenAI in 2024. Altman stepped down from Helion’s board in March 2026, as the companies explored a larger deal.
Altman said of the 2024 deal that he was “recused from it on both sides” and did not sign the agreement.
Molo said Altman had an “obvious conflict” in spearheading negotiations for a May 2024 content partnership between OpenAI and Reddit.
“We decided that the board would approve any final terms,” Altman said. “I had other people in the room with me. This was a well-discussed standard corporate recusal.” Molo also questioned Altman about a $10 billion computing deal with Cerebras, in which Altman holds a stake worth $3.2 million.
The attorneys general of Alabama, Arkansas, Florida, Idaho, Iowa, Louisiana, Montana, Nebraska, Oklahoma, and West Virginia, all Republicans, told the SEC, "Altman’s conduct to date raises serious legal questions and demands close scrutiny." The SEC declined to comment.
(Reporting by Kenrick Cai and Deepa Seetharaman in Oakland, California; editing by Peter Henderson and Nick Zieminski)
