Court documents reveal Sam Ultraman using OpenAI business contract to boost personal investment valuation

According to a report by The Wall Street Journal, court documents revealed that Sam Ultraman used OpenAI's business contract to boost the valuation of his personal investment in a startup company. In June 2026, Helion's valuation reached $15.5 billion, and Sam Ultraman's shareholding value rose to $4.1 billion. In 2025, Sam Ultraman's request for OpenAI to invest $500 million in Helion was rejected, and the two sides signed a cooperation agreement in March 2026. After Cerebras received OpenAI's procurement commitment and IPO, Sam Ultraman's shareholding value skyrocketed by more than six times. As of December 2025, Sam Ultraman's stake in Retro Biosciences is valued at $258 million. At present, at least 10 companies invested by Sam Ultraman have related party transactions with OpenAI. The US House Oversight Committee has launched an investigation, and several state attorneys general have called on the US Securities and Exchange Commission to conduct a review.