A court filing shown in proceedings on Tuesday lists investments by OpenAI Chief Executive Sam Altman in nine companies that have conducted business with OpenAI, collectively valued at more than $2 billion as of December 31, 2025. The document was presented in hearings tied to Elon Musk's lawsuit, which seeks $150 billion in damages and the removal of Altman as an officer and board member of OpenAI.
Musk's suit advances claims including breach of charitable trust and unjust enrichment. Altman has disputed those allegations and, in court, said he recused himself from key discussions involving the companies in which he held investments.
Separately, ten state attorneys general asked the U.S. Securities and Exchange Commission on Tuesday to examine OpenAI's documents in advance of an expected initial public offering. Last week, the U.S. House Committee on Oversight and Government Reform requested information from Altman on OpenAI policies designed to guard against conflicts of interest.
During the hearings, Musk's lead trial lawyer, Steven Molo, introduced a document that set out Altman's stakes in nine firms with OpenAI ties and the fair market values of those stakes as of Dec. 31, 2025.
Holdings disclosed
The filing indicated that Altman does not own direct equity in OpenAI. Forbes estimates his personal net worth at about $4 billion, a figure attributed to venture capital moves he made before and during his time at OpenAI. The court document listed a $1.7 billion stake in fusion power developer Helion Energy, a $633 million stake in payments and financial software firm Stripe, and $258 million in anti-aging drug developer Retro Biosciences - each identified as companies that have had business dealings with OpenAI.
The exhibit also showed Altman had divested a stake in Reddit by the end of 2025. SEC filings indicated his holdings were valued at more than $600 million on the day Reddit went public in 2024.
The remaining names on the list included chip maker Cerebras, people-management software company Degree (also known as Lattice), AI device maker Humane, an AI software company listed as Software Applications, and Trialspark, an AI-focused pharmaceutical company that now operates as Formation Bio.
Testimony on Helion and other deals
Altman testified that he first invested in Helion in 2015 and that he was friends with the company's founders. The filing notes Helion aims to build what it describes as the world's first fusion power plant; the company generates no revenue but has a private-market valuation of $5.4 billion, according to the document introduced at the hearing.
Altman said he asked OpenAI's board in late 2022 to explore a relationship with Helion and vouched for the company during those discussions. Helion first signed an agreement in 2024 to provide future energy to OpenAI. As the firms negotiated for a larger arrangement, Altman stepped down from Helion's board in March 2026. Concerning the 2024 agreement, Altman told the court he was "recused from it on both sides" and did not sign the contract.
Molo challenged Altman on his role in negotiations for a May 2024 content partnership between OpenAI and Reddit, arguing there was an "obvious conflict". Altman responded that the board would approve any final terms, that he had others present during discussions, and characterized his involvement as "a well-discussed standard corporate recusal."
Molo likewise questioned Altman about a reported $10 billion computing deal with Cerebras; the court exhibit indicated Altman held a stake in Cerebras valued at $3.2 million.
Regulatory attention
Ten Republican attorneys general - from Alabama, Arkansas, Florida, Idaho, Iowa, Louisiana, Montana, Nebraska, Oklahoma and West Virginia - urged the SEC to scrutinize OpenAI and Altman's conduct, writing that "Altman's conduct to date raises serious legal questions and demands close scrutiny." The SEC declined to comment to the court proceedings, according to the record.
The court exhibit and testimony were aired in the context of Musk's civil claims and broader inquiries by state and federal authorities into potential conflicts tied to the leadership of OpenAI. Altman maintains he recused himself from discussions involving companies in which he has personal stakes and has contested the legal assertions in Musk's filings.
This article presents court-disclosed values and testimony as reported in hearings and regulatory requests; it does not introduce additional information beyond what appeared in the court filing and related proceedings.