Sam Altman

950 Lombard LLC purchased 950 Lombard St, SF for $27,000,000 from Eight Forty One LLC on March 26, 2020

Property originally listed at approximately $45 million in 2018 (reportedly the most expensive home listing in SF history). Purchase Agreement contained As-Is provision (Addendum 1) and California Civil Code §1542 waiver — plaintiff alleges these were fraudulently induced.

QOF timing suggests Altman deployed 2021 capital gains from tech investment liquidations into Kailua-Kona Opportunity Zone property, potentially separate from the Big Surf estate held by Big Surf LLC

The Big Surf estate was purchased by Big Surf LLC (not the QOF) in July 2021. The QOF was registered in Hawaii three months later (Oct 2021) at a one-digit-off address near the estate. If the QOF was meant to hold the Big Surf estate, the structural separation (different LLC) would be irregular. More likely: the QOF was formed as a parallel vehicle to invest in a *different* Kailua-Kona OZ property, using capital gains from 2021 tech portfolio activity. The HI cancellation may indicate the OZ investment never completed or was restructured through the CA entity. The Kailua census tract (one of two OZ tracts in Kailua-Kona) extends south of Palani Road toward the harbor — the estate's location relative to this tract is not confirmed.

2022 mass entity restructuring (Jul 15) follows Feb 2022 internal 'remove nonprofit' email by 5 months — financial architecture pre-positioned for conversion

Altman-Microsoft Feb 2022 communication discussed formally removing nonprofit from OpenAI structure. Exactly 5 months later (2022-07-15), Altman conducted mass restructuring of ALL personal financial entities: old Altman Family LLC dissolved, new Altman Family LLC formed as umbrella, Altman HoldCo LLC formed same day, followed by Sam Altman Qualified Opportunity Fund LLC (Aug 2022). The QOF structure is designed to defer capital gains, indicating anticipation of a significant liquidity/gains event. INNOCENT EXPLANATION: Annual estate planning review coincidentally timed.

5-month silence on personal financial entities Aug 2022 - Jan 2023 coincides precisely with ChatGPT launch (Nov 30 2022) and OpenAI's rise to public prominence

After the Jul-Aug 2022 entity restructuring, no new personal financial entity activity is documented until Jan 2023. This 5-month silence covers exactly the ChatGPT public launch (Nov 30 2022) when OpenAI became a consumer brand with 1M+ users in 5 days. The silence is consistent with a deliberate strategy to avoid scrutiny of personal financial architecture during the period of maximum media attention on OpenAI. INNOCENT EXPLANATION: Entity restructuring completed, no new vehicles needed in that period.

OpenAI Inc 990 discloses equity-based profits interests in OpenAI LP granted to Part VII officers beginning 2019 (9 individuals) — these undisclosed equity stakes are the real compensation mechanism for Altman and other named officers, not the modest W-2 salaries reported

Schedule J Part III of the 2022 Form 990 states: 'In 2022, four individuals listed on Part VII, Section A, line 1a participated in an equity-based compensation arrangement consisting of profits interests issued by a related organization (Related Organization). Vesting of the profits interests is generally subject to the individuals' continued service to the Related Organization... Profits Interests have a liquidation value of $0 at grant pursuant to Rev. Proc. 93-27 and Rev. Proc. 2001-43. The Related Organization first granted profits interests to applicable individuals in 2019... Nine individuals listed on the 2019 Form 990, Part VII, Section A, line 1a participated in the equity-based compensation arrangement in 2019.' The 990 does not name the recipients. Related Organization is OpenAI LP (EIN 83-1960637).

Sam Altman signed OpenAI Startup Fund I LP Form D/A as 'Manager of the General Partner', disclosing $175,250,000 in total capital raised (first sale 2021-10-29). Altman is listed as Executive Officer at 3180 18th Street, San Francisco CA 94110 — the same address as the fund itself. EDGAR CIK 0001877240.

Sam Altman received $0 direct salary from OpenAI Foundation in all years; modest related-org compensation ($28K-$114K) flows through OpenAI LP starting 2019 — consistent with public narrative of minimal salary, but does not capture equity upside via profits interests

From ProPublica API and 2022 Form 990 cross-referenced. Sam Altman reported $0 direct compensation from OpenAI Inc. in all years 2016-2023. Compensation from related organizations (OpenAI LP): 2019 $24,143, 2020 $55,108, 2021 $58,333, 2022 $62,400, 2023 $64,957, 2024 $65,638. Other comp: 2023 $11,044, 2024 $48,036. Total 2023: $76,001. Total 2024: $113,674.

Altman held 6.74M economic shares via AltC Sponsor LLC + 3.15M beneficial shares via Hydrazine Capital II in Oklo SPAC merger

S-4/A merger proxy (accession 0001104659-24-047344) discloses: 'Sam Altman...has an economic interest in 6,035,600 AltC founder shares and 700,100 AltC private placement shares through his ownership of a membership interest in the Sponsor (but does not beneficially own any shares of AltC capital stock).' The filing also discloses his beneficial ownership of 519,858 Legacy Oklo Series A-3 preferred shares through Hydrazine Capital II, L.P., converting to approximately 3,151,379 post-merger OKLO Class A shares.

Altman and Klein waived all Oklo director compensation ($70K cash + $150K RSUs) — consistent with their gains from sponsor equity structure

Sam Altman and Michael Klein both waived all compensation under the Non-Employee Director Compensation Program (adopted at merger close). Other eligible directors received $70,000 annual cash retainer plus $150,000 in RSUs. Altman and Klein received neither cash nor equity for their director service. This was disclosed in both the FY2024 10-K and the 2025 proxy.

Sam Altman filed Form 3 at Oklo with zero beneficial ownership — structural opacity via AltC Sponsor LLC membership interest

Sam Altman's Form 3 initial beneficial ownership statement for Oklo Inc. (filed after SPAC merger May 9, 2024) states 'No securities are beneficially owned.' His EDGAR CIK is 0001571705. The attorney-in-fact signature is Richard Craig Bealmear. Mailing address on file: 29 Dorland Street, San Francisco, CA 94110.

Sam Altman held 9,968,079 shares (8.2%) of Oklo Inc. as of Nov 14, 2024 via Hydrazine Capital II LP (3,732,379), Apollo Projects LP (478,500), and Samuel H. Altman Revocable Trust (5,757,200).

Filed SC 13D on Dec 23, 2024. Event date Nov 14, 2024 — day the AltC Sponsor LLC distributed Founder Shares to members. Hydrazine Capital II was a pre-SPAC (~2015) seed investor in Legacy Oklo. Apollo Projects LP received founder shares from AltC Sponsor distribution.

Dec 2024 cluster: Trump $1M donation (Dec 13), Oklo 12GW contract (Dec 18), and OpenAI for-profit conversion announcement (Dec 26) within 13-day window

Dec 13: Altman donates $1,000,000 to Trump-Vance Inaugural Committee. Dec 18: Oklo signs 12GW Master Power Agreement with Switch. Dec 26: OpenAI announces for-profit conversion plan. The donation preceded the conversion announcement by 13 days. Under the incoming Trump administration, DOJ/FTC would control whether to challenge the nonprofit-to-PBC conversion. The donation represents ~14% of OpenAI's total 2023-2025 lobbying spend from a single personal check. INNOCENT EXPLANATION: Post-election pivot, donation motivated by AI policy positioning generally.

Sam Altman's total reportable compensation from OpenAI LP jumped 49% in 2024 to $113,674 — driven by 'other comp' increase from $11K to $48K, cause unknown pending 2024 Form 990

ProPublica reports a 2024 filing (not yet available locally) showing Sam Altman's total compensation jumped to $113,674 (from $76,001 in 2023), driven primarily by 'other comp' increasing from $11,044 to $48,036. All compensation remains from related organizations (OpenAI LP). This 49% increase in total reportable compensation warrants review of the 2024 Form 990 when available.

On March 6, 2025, Hydrazine Capital II LP distributed its 3,732,379 Oklo shares in-kind, reducing Altman's beneficial ownership to 6,650,402 shares (4.8%) — below the 5% Schedule 13D reporting threshold.

Altman Holdco LLC received 414,295 shares; Samuel H. Altman Revocable Trust received 407 shares; the remaining ~3.3M shares went to other Hydrazine Capital II LP investors (unidentified). Altman Holdco LLC (DE #7378846, inc. 2019-04-17) is managed by the Samuel H. Altman Revocable Trust.

Oklo/Helion COI resignations mirror the same pre-conversion clean-up pattern: Altman resigned Oklo Apr 2025 and Helion Mar 2026 before anticipated liquidity events

Altman resigned as Oklo Chair on Apr 22 2025; Hydrazine distributed its 3.7M Oklo shares Mar 6 2025 before resignation. Altman resigned from Helion board Mar 2026. In both cases, the stated reason was conflict-of-interest removal (OpenAI power contracts with both companies). Pattern: personal board roles maintained until near a liquidity/partnership event, then resigned to neutralize COI scrutiny. The Helion resignation (Mar 2026) came after Helion's $425M Series F (Jan 2025) and Oklo's $1.5B ATM (Dec 2025) — both post-fundraising/post-recapitalization. INNOCENT EXPLANATION: Legitimate COI management as OpenAI pursued energy contracts.

2025 proxy beneficial ownership table shows zero Altman shares; absent from all ownership disclosures despite serving as Chairman

The April 22, 2025 proxy (DEF 14A) beneficial ownership table (record date April 7, 2025) does not list Sam Altman among beneficial owners. 139,192,604 shares outstanding. Named directors/officers: Jacob DeWitte 25,307,206 (18.2%), Caroline Cochran 25,307,206 (18.2%), R. Craig Bealmear 508,025, Michael Klein 500,000, Kinzley 5,000, Jansen 6,000, Poneman 37,000. All directors and officers as a group (8 individuals): 26,363,231 (18.9%). Sam Altman is absent from this table, consistent with his Form 3 zero disclosure and no subsequent Form 4 filings.

Oct 2025 recapitalization proximate to xAI legal warfare: xAI trade secrets lawsuit filed Sep 24 (34 days before close), designed to create pre-close uncertainty

xAI filed trade secrets lawsuit against OpenAI (3:25-cv-08133 NDCA) on Sep 24 2025, 34 days before OpenAI's Oct 28 PBC recapitalization completed. FBI seized Fraiture devices Sep 12. UK Consent Order Sep 15. TRO against Xuechen Li Sep 2. Elfin Cove Capital LLC appeared at Altman family office address Sep 16. New lobbyist David Schwietert added Oct 1. The cluster of xAI legal actions in Sept 2025 immediately preceding the close date is consistent with a strategy to create legal uncertainty that would complicate investor commitments or reduce the conversion valuation. INNOCENT EXPLANATION: xAI had independently gathered evidence and filed when ready.

Coordinated action window Oct 28 2025: PBC recapitalization, Kimmel v TFH judgment, and MDL copyright rulings on consecutive days — multiple legal matters closed simultaneously

Oct 27: MDL Judge Stein denies OpenAI MTD on copyright claims. Oct 27: MDL scope confirmed, OpenAI interrogatory admissions locked in. Oct 28: OpenAI Group PBC formed, recapitalization completes, ~$500B valuation. Oct 28: Kimmel v TFH judgment entered (3.5 months after filing). The concentration of major legal events on Oct 27-28 suggests either coordinated legal calendaring or judicial scheduling coincidence. Kimmel resolution before recapitalization close may have been deliberate — removing TFH liability cloud before the governance event. INNOCENT EXPLANATION: Independent judicial calendars.

Sam Altman's role as 'Manager of the General Partner' in OpenAI Startup Fund I LP implies he holds (or held) carried interest — typically 20% of fund profits after return of capital — from the $175.25M fund. His management transition to Ian Hathaway does not automatically extinguish prior economic interests. The Management LLC ownership structure (who holds membership in OpenAI Startup Fund Management LLC) is not publicly disclosed.

Samuel Harris Altman donated 1000000 to Trump-Vance Inaugural Committee on 2024-12-13 from 950 Lombard Street San Francisco CA 94133.

Sam Altman resigned as Oklo Chair and Class II director April 22, 2025; official reason: 'no disagreement'

8-K (accession 0001104659-25-037472) Item 5.02 states: 'On April 22, 2025, Sam Altman notified the board of directors of Oklo Inc. that he intended to resign as Chair and as a Class II director of the Board, including as a member of the Board's Nominating and Corporate Governance Committee, effective April 22, 2025. Mr. Altman's decision to resign was not due to any disagreement with the Company on any matter related to the Company's operations, policies or practices.' Signed by R. Craig Bealmear as CFO.

Sam Altman resigned from Oklo Board effective April 22 2025, three months after the Stargate Project announcement (Jan 21 2025).

Oklo 2025 DEF 14A (filed 2025-04-22, accession 0001628280-25-018885) discloses 'Effective April 22, 2025, Sam Altman resigned from the Board. Mr. Altmans decision to resign was not due to any disagreement with the Company.' Stargate (announced Jan 21 2025) is the OpenAI/SoftBank/Oracle/MGX AI infrastructure JV; Oklo would be a logical SMR power supplier for the Texas data centers, creating a related-party / conflict optic if Altman remained Oklo Chair while OpenAI procures power. Altman had chaired Oklo Board since October 2015. He waived all director compensation while serving (2024 fees $0, stock awards $0). His Oklo equity is below the named-officer disclosure threshold in 2026 — he is no longer in the beneficial ownership table at all.

Cantilevered infinity pool at 950 Lombard St failed catastrophically on or around August 23, 2023, flooding lower level of main residence with chlorinated water and causing widespread mold requiring $4M+ remediation

Chlorinated water filled entire subfloor of lower level, traveled to edge of lower level slab, poured into gypsum drop ceiling in gym causing failure. Chemical testing confirmed water was chlorinated, traced to pool. Environmental testing confirmed widespread mold. Lower level rendered uninhabitable. Remediation estimate: exceeds $4 million (pool replacement, mold remediation, structural repair).

SPAC merger S-4 formally flags Altman as having a conflict of interest on both sides of the AltC-Oklo merger; he recused himself

S-4/A merger proxy states: 'In light of his relationships with both AltC and Oklo and to avoid any potential conflicts of interest, after entry into a letter of intent to enter into a business combination by each of Oklo and AltC, Mr. Altman recused himself from each of the Oklo Board and the AltC Board with respect to the Transactions.' Altman was simultaneously exposed on both the AltC SPAC side (economic interest in founder shares) and the Oklo side (Hydrazine Capital II beneficial ownership of preferred stock).

950 Lombard LLC filed suit CGC-24-616350 in SF Superior Court against Eight Forty One LLC, Troon Pacific Inc., Gregory R. Malin, Impact Builders LLC, Thompson Suskind LLC, and A.C.C.P. Inc. dba Aquascape alleging 8 causes of action including fraudulent inducement

Case number CGC-24-616350, designated complex litigation, filed July 12, 2024 by Hanson Bridgett LLP. Plaintiff is 950 Lombard LLC (a California LLC). Eight causes of action: (1) Breach of Contract, (2) Breach of Implied Covenant of Good Faith and Fair Dealing, (3) Breach of Implied Warranty, (4) Breach of Implied Covenant to Perform Work in Good/Competent Manner, (5) Negligence, (6) Fraudulent Inducement, (7) Negligent Misrepresentation, (8) Unfair Competition (B&P §17200).

Eight Forty One LLC (property seller/developer) was developer entity solely owned and managed by Troon Pacific Inc., which was solely owned by Gregory R. Malin; dissolved October 6, 2022 with no assets; plaintiff seeks alter ego liability against Troon and Malin

Eight Forty One decapitalized July 2021, dissolved October 6, 2022. A prior plaintiff (Donnette Clarens) already successfully obtained alter ego finding against Troon and Malin in CPF-21-517566 (settled). Complaint ¶11 details: undercapitalization, disregard of formalities, asset diversion, commingling, use as shell, and agreement to serve as liability shield.

Full defect inventory at 950 Lombard: unconnected sewer line dumping raw sewage, contractor bags jammed in pipes by unpaid subcontractor, leaking rooftop irrigation, skylight water intrusion, repeated staircase light failures, defective planter waterproofing, fountain pump failure, crushed laundry sewer pipe, and pool deck drainage designed without clean-outs

Complaint ¶30 lists: (1) broken backflow preventer for pool; (2) unconnected bathroom sewer line dumping raw sewage at side of residence; (3) contractor bags in sewer lines (Lombard St. entrance) by disgruntled unpaid subcontractor; (4) leaking irrigation on rooftop garden; (5) skylight water intrusion; (6) exterior staircase tread lights failed repeatedly; (7) exterior planter waterproofing defects; (8) fountain pump failure near guest house; (9) crushed sewer pipe from laundry system. ¶34 adds: four clogged pool deck drains + secondary containment drain with standing water underneath pavers; drains designed without clean-outs.

Sam Altman controls 13+ personal entities across Delaware and California including Hydrazine Capital fund family (4 generations I-IV with GP LP SPV Management entities), Altman 3 LLC, 9Point Ventures, Uncommon Ventures, Apollo Projects SPV-A GP, OpenAI Startup Fund GP I. Property LLCs managed by cousin Jennifer Serralta COO of family office including 950 Lombard LLC Amberley Properties LLC and Sam Altman Qualified Opportunity Fund.

Sam Altman real estate portfolio totals approximately 124M. Key properties: 950 Lombard St SF purchased 2020 for 27M (lemon lawsuit pending), adjacent properties at 952/954 Lombard and 855 Chestnut purchased via Amberley Properties LLC Jan 2025 for 14M, Napa ranch 15.7M via LLC in 2020, Hawaii Big Island compound 43M in 2021 (listed for 49M), Big Sur prepper compound with guns/gold/gas masks.

Sam Altman named inventor on 9 Loopt patents; all IP now owned by Green Dot Corporation

USPTO records confirm Samuel H. Altman as a named inventor on all 9 Loopt Inc. patents covering location-based mobile services (location sharing, location-based advertising, geo-tagged journals, network manager systems). Assignment chain: Altman et al. → Loopt Inc. (2007–2008) → Loopt LLC (2012) → Green Dot Corporation (2014-05-09). Green Dot subsequently pledged the patents as security interest to Bank of America (2014) then Wells Fargo (2019); Wells Fargo released security interest 2024-10-10. All Loopt IP is now fully owned by Green Dot Corporation with no encumbrances.

Sam Altman is a named inventor on Worldcoin Orb design patent D1058403, now held by Worldcoin Foundation

USPTO patent D1058403 ('IRIS SCANNING ORB') lists Sam Altman as co-inventor alongside Max Novendstern, Thomas Meyerhoffer, and Cyrus Tabrizi. The patent was originally assigned to Tools for Humanity Corporation, then transferred to Worldcoin Foundation on 2024-03-21 (recorded 2024-04-29). This is a design patent covering the physical form of the Worldcoin biometric scanning device.

Sam Altman led Rain AI (Rain Neuromorphics) seed round in 2018 (~$1M+ personal investment) — one year before OpenAI signed a nonbinding $51M LOI to purchase Rain chips in 2019

Altman participated in Rain Neuromorphics' seed financing in 2018, investing over $1M personally. In 2019, OpenAI signed a nonbinding Letter of Intent to spend $51M on Rain chips when available. This sequence — personal investment preceding OpenAI commercial commitment — was not disclosed until December 2023 when reporting surfaced during the OpenAI board crisis. The Rain case has the tightest causal gap of the five pre-positioning cases.

Rain AI seed investment date approximately Aug 20, 2018 (Crunchbase); OpenAI $51M LOI confirmed as 2019 — gap ~6-16 months; exact 2019 month unresolved pending PACER SAC exhibits

Rain Neuromorphics (later Rain AI) participated in YC Winter 2018 batch (Jan–Mar 2018). Sam Altman invested ~$1M+ in Rain's seed round, reported by Crunchbase as approximately August 20, 2018, consistent with the timing of post-YC seed financings. OpenAI signed a nonbinding $51M LOI to purchase Rain chips at some point in 2019 — the specific month within 2019 has not been confirmed in open sources. Altman's exact ownership percentage in Rain at the time of the LOI is not publicly documented.

OpenAI signed a nonbinding $51M Letter of Intent with Rain AI in 2019 — after Altman had already invested in Rain's 2018 seed round, creating undisclosed conflict

OpenAI in 2019 signed a nonbinding LOI to purchase $51M of Rain AI neuromorphic chips when available. At the time, Altman was a personal investor in Rain via its 2018 seed round. The conflict was not disclosed to the OpenAI board or public. The LOI was revealed only in December 2023 reporting by The Information during post-firing governance scrutiny.

Altman co-led Humane Series A (Sep 25, 2020) and held 14.93% at time of ChatGPT integration reveal (Nov 9, 2023) — 38-month pre-positioning gap; Series C closed 8 months before OpenAI product launch

Sam Altman co-led Humane's Series A on September 25, 2020, alongside Lachy Groom, raising $30M. He continued participating in Series B (Sep 1, 2021) and Series C (Mar 8, 2023). By October 2023, Altman held 14.93% of Humane — more than either co-founder (each ~13%). The Humane Ai Pin, powered by OpenAI ChatGPT, was announced November 9, 2023, making the Series C close (Mar 8, 2023) and the public commercial integration reveal (Nov 9, 2023) only 8 months apart. No OpenAI board recusal for the Humane commercial relationship has been documented.

Altman participated in Humane Series B (Sep 2021) and later held 14.93% of Humane — OpenAI's ChatGPT integration into the Humane Ai Pin was announced Nov 9, 2023

Sam Altman invested in Humane's Series A (~2020), Series B (September 2021), and Series C (March 2023). By October 2023, Lowpass/Techmeme reported Altman held 14.93% of Humane as its largest single investor — more than either co-founder. On November 9, 2023, Humane launched the Ai Pin, which runs on OpenAI ChatGPT as its primary AI backbone. Altman benefited financially from Humane's enhanced valuation as a product built around OpenAI tech.

Altman privately proposed Oklo as AltC SPAC target in Oct 2022 while already being a pre-existing Oklo investor and OpenAI CEO — creating a three-way undisclosed conflict

In October 2022, Altman had a telephone call with AltC co-founder Michael Klein in which he 'raised Oklo as a potential target in the nuclear fission industry with which AltC should consider pursuing a business combination.' At the time, Altman was (1) CEO of AltC SPAC and its sponsor/economic beneficiary, (2) a pre-existing personal investor in Oklo with board seat since ~2015, and (3) CEO of OpenAI — a potential future Oklo energy customer. The merger was announced publicly July 2023 and closed May 2024.

Humane Series C closed Mar 8, 2023; OpenAI-Stripe deal announced Mar 15, 2023 — Altman simultaneously held undisclosed equity in both OpenAI commercial partners within the same calendar week

Altman participated in Humane's Series C on March 8, 2023, as the company was preparing the Ai Pin product to run on OpenAI's ChatGPT models. The OpenAI-Stripe commercial partnership was announced March 15, 2023 — seven days later. In the same week, Altman reinforced equity stakes in two OpenAI commercial partners without documented board disclosure for either.

OpenAI selected Stripe as its payment processor on Mar 15, 2023 — Altman held equity in Stripe since 2009 (~2% at time of investment), an undisclosed conflict at time of vendor selection

Sam Altman invested $15,000 for approximately 2% of Stripe in 2009 via Paul Graham's invitation. On March 15, 2023, OpenAI announced a partnership selecting Stripe to process all ChatGPT Plus and DALL-E payments. As OpenAI CEO, Altman had authority over vendor selection. His Stripe equity constituted an undisclosed material conflict. The SAC alleges both Altman and Greg Brockman held significant Stripe interests. Current exact stake not publicly disclosed.

OpenAI-Stripe vendor selection (Mar 15, 2023): Altman held undisclosed ~2% Stripe equity from 2009 ($15K initial investment); Brockman also alleged to hold equity — dual undisclosed conflicts at point of payment processor selection

On March 15, 2023, OpenAI announced that Stripe would be its exclusive payment processor for ChatGPT Plus and DALL-E, incorporating Stripe Billing, Stripe Checkout, Stripe Tax, and Stripe Link. Sam Altman had held ~2% of Stripe since a 2009 investment of $15,000 made via Paul Graham's invitation. Greg Brockman also allegedly held Stripe equity per the Musk v. Altman SAC. Neither conflict was publicly disclosed at the time of vendor selection. This is a legacy conflict (14-year gap) rather than deliberate pre-positioning.

PATTERN: In all 5 SAC-cited cases, Altman's personal equity predated the OpenAI commercial relationship by 1-14 years, and disclosures/recusals only materialized under legal pressure or reputational risk

Across Rain AI (1yr gap), Humane (2-3yr), Stripe (14yr), Reddit (3-10yr), Oklo/Helion (3-10yr), Altman's equity position was established before the OpenAI commercial arrangement in every instance. Notably, disclosures and board resignations systematically lagged the commercial deals: Rain AI LOI only revealed Dec 2023, Oklo resignation only after deal talks began Apr 2025, Helion resignation only after deal talks advanced Mar 2026. The pattern suggests reactive rather than proactive conflict management.

OpenAI Startup Fund appears in 57 EDGAR filings alongside OKLO (nuclear energy company taken public by Sam Altman's AltC SPAC). Altman held personal Oklo shares via Hydrazine Capital II LP and sat on both AltC and Oklo boards. The specific OpenAI Startup Fund entity that held Oklo shares has not been confirmed from public filings. The co-occurrence in 57 filings indicates the fund is described as an Oklo investor in multiple prospectus-type documents.

OpenAI-Reddit content licensing deal (May 16, 2024) directly benefited Altman's ~7.6% Reddit stake worth $600M+; Altman held Reddit shares since 2014 Series B and reinforced in 2021

Sam Altman led Reddit's $50M Series B in 2014 and invested an additional ~$60M across two 2021 rounds ($50M at $42.47/share and $10M at $61.79/share). Reddit's March 2024 IPO revealed Altman held 7.6% of outstanding shares, worth $600M+ at IPO-day pricing. On May 16, 2024, OpenAI and Reddit announced a content licensing partnership giving OpenAI access to Reddit's real-time Data API for AI training, plus advertising partnership. The deal was estimated at ~$70M/year value to Reddit and boosted Altman's position by an estimated $69M according to the SAC.

Altman resigned Oklo board Apr 22, 2025 explicitly to enable OpenAI-Oklo energy supply negotiations — Altman first invested in Oklo in 2015 and held 8.2% at IPO

Sam Altman first invested in Oklo and joined its board in 2014-2015 as YC president. He co-founded AltC SPAC in 2021, personally proposed Oklo as the merger target in Oct 2022, and took Oklo public via SPAC in May 2024 holding 8.2% (9.97M shares). On April 22, 2025, Altman resigned as Oklo board chair, with the 8-K explicitly stating the reason was to enable OpenAI to pursue energy supply negotiations with Oklo. This created a triple conflict: Altman was SPAC CEO who chose Oklo, pre-existing Oklo investor, and OpenAI CEO as prospective customer.

Conflict pattern: Altman held equity in Helion and Oklo while both received federal DOE funding, then resigned board seats to enable OpenAI commercial energy deals after OpenAI secured $200M+ in federal contracts

The combined federal contracting record reveals a layered conflict-of-interest structure: (1) Helion Energy received $3.97M from ARPA-E (2015–2018) while Altman was executive chairman. (2) Oklo Technologies received $2.7M in DOE cooperative agreements (2022–2026) while Altman held 8.2% Oklo equity. (3) OpenAI Public Sector LLC then won a $200M DoD OTA in June 2025 after being incorporated in December 2024. (4) Altman resigned Oklo board April 22, 2025, and Helion board March 2026, citing conflicts with OpenAI's energy procurement negotiations — negotiations that were commercially enabled by OpenAI's growing federal revenue. The economic interest in the energy companies was retained in both cases despite the board resignations.

Altman resigned Helion board March 2026 to enable OpenAI-Helion fusion energy deal — Altman had been board executive chairman since 2015, invested $9.5M in 2015 and $375M in 2021

Sam Altman first invested ~$9.5M in Helion Energy in 2015 and became its board executive chairman. In November 2021, he personally led Helion's $500M Series E with $375M of his own capital. Reports in 2024-2026 indicated OpenAI was in discussions with Helion about purchasing up to 5GW of fusion energy by 2030. In March 2026, Altman resigned from Helion's board to clear the path for OpenAI-Helion energy supply negotiations, recusing himself from OpenAI's side of the deal. He retains his financial interest.

Sam Altman was a major Democratic donor in 2020 cycle ($200K+ to Biden Victory Fund, DNC, state parties) — sharp contrast with 2024 inaugural donation

Sam Altman donated $100,000 to Biden Victory Fund and $35,500 to DNC on 2020-10-19 from 3180 18th St SF (OpenAI CEO). Additional ~$37K split across 9 state Democratic parties on same date. Total 2020 cycle donations to Democratic entities: ~$200K+ including $100K to Tech for Campaigns (Jul 2020) and $2,800 to Biden for President (Oct 2020). Pattern shows maximum utilization of joint committee contribution vehicles.

Sam Altman donated $5,800 to Friends of Schumer (Jun 2021) while Reginald Babin was serving as Schumer's Chief Counsel — Babin later hired to lobby for OpenAI at Akin Gump

Sam Altman made two contributions of $2,900 each ($5,800 total) to FRIENDS OF SCHUMER from 950 Lombard St, San Francisco, on 2021-06-23. Employer listed as SELF EMPLOYED, occupation ENTREPRENEUR. Approximately 2.5 years later, Akin Gump registered Reginald Babin (Schumer's Chief Counsel 2020-2022) to lobby for OpenAI. The donation occurred while Babin was still serving as Schumer's counsel.

Sam Altman donated $1,000,000 to Trump Vance Inaugural Committee on 2024-12-13 from 950 Lombard St, San Francisco

FEC Schedule A record: ALTMAN, SAMUEL HARRIS | SAN FRANCISCO | $1,000,000 | 2024-12-13 | TRUMP VANCE INAUGURAL COMMITTEE, INC. | 950 LOMBARD STREET, SAN FRANCISCO CA. Listed occupation: none. Committee type: Inaugural. This represents a definitive partisan pivot from Altman's prior record as a heavy Democratic donor (SMP, Biden Victory Fund, DNC).

Sam Altman resigned as Chair and Class II Director of Oklo Inc. board on April 22, 2025. Reason stated in 8-K: to enable OpenAI energy supply negotiations with Oklo without conflict of interest.

8-K filed April 22, 2025 (accession 0001104659-25-037472) cited standard 'no disagreement' language. Altman's public statement: 'As Oklo explores strategic partnerships to deploy clean energy at scale, particularly to enable the deployment of AI, I believe now is the right time for me to step down.' Jacob DeWitte named Chair. Altman was also removed from Nominating and Corporate Governance Committee.

Altman's COI resignation from Oklo follows an identical pattern to his Helion Energy board exit. With Helion (fusion energy startup), Altman stepped down as board chair in March 2026 to clear the way for a reported 5 GW OpenAI fusion energy deal. This suggests a systematic process of separating from energy-sector board seats as OpenAI pursues supply agreements.

Both Oklo and Helion are Altman-backed energy startups in which he held significant equity. In both cases, Altman remained a substantial shareholder while resigning board roles to enable commercial energy supply deals between those companies and OpenAI. No binding OpenAI-Oklo deal has been announced as of April 2026.