OpenAI’s IPO faces scrutiny as Congress probes Sam Altman’s investments

Sam Altman now faces investigations from both Congress and multiple state attorneys general over his personal investment portfolio, a probe that lands as his company prepares for a public offering.

The investigation, initiated on May 11, centers on potential conflicts of interest between Altman’s role leading OpenAI and his financial stakes in companies like Helion Energy and Stoke Space. Altman has been ordered to testify by May 22.

The conflict of interest question

OpenAI allegedly invested $375 million in Helion Energy, a fusion energy company where Altman also holds a personal stake. The core concern is that when the CEO of a company worth an estimated $150 billion also personally invests in firms that could benefit from that company’s resources, partnerships, or strategic decisions, the lines between corporate stewardship and personal enrichment start to blur.

Why crypto investors should pay attention

Altman is also a central figure behind Worldcoin, the crypto project that uses biometric iris scanning to create digital identities. Worldcoin raised $100 million in 2023 and has since built a global network of orb-scanning locations. Spain banned the project’s operations over privacy concerns.

The $WLD token saw a 50% surge to $2.03 during October 2025. No immediate price impact has materialized on $WLD since the probe was announced.

What this means for the OpenAI IPO and broader markets

The $150 billion valuation that OpenAI has been targeting for its public offering would make the company one of the most valuable IPO debuts in history. A sitting investigation into the CEO’s personal financial entanglements creates uncertainty, and IPO investors are sensitive to regulatory risk around leadership.

If lawmakers start asking questions about Altman’s crypto investments, about the ethics of biometric data collection tied to token distribution, or about the regulatory status of Worldcoin in jurisdictions that have already taken action, the token could face a repricing that reflects genuine regulatory risk. The May 22 testimony date is the first real catalyst that could shift market sentiment, depending on what Altman says and how lawmakers respond.