OpenAI is barreling toward what could be one of the most consequential IPOs in tech history. The company could be valued at as much as $850 billion, a number that makes the governance questions feel less like academic exercises and more like material risks for future shareholders.
The conflict-of-interest questions
Republican state attorneys general from six states have asked the SEC to review Sam Altman and OpenAI for potential conflicts of interest ahead of the public offering.
GOP letters to the SEC allege that Altman encouraged OpenAI to invest in Helion Energy and Stoke Space, two companies in which he holds substantial personal stakes.
OpenAI president Greg Brockman’s court disclosures highlight a nearly $30 billion equity stake and financial ties to Altman’s ventures, raising pointed questions about whether the company’s leadership can exercise genuine independence when evaluating deals connected to the CEO’s portfolio.
