OpenAI has discussed adding Citigroup, JPMorgan to bank lineup for IPO

OpenAI has discussed with banks such as Citigroup Inc. and JPMorgan Chase & Co. regarding assistance with its forthcoming IPO, according to sources familiar with the situation.

Citigroup and JPMorgan might join Goldman Sachs Group Inc. and Morgan Stanley in preparing for the listing, the sources said, requesting anonymity due to the private nature of the talks.

Adding underwriters to its list would move OpenAI nearer to an IPO, potentially later this year. Bloomberg News reported that a confidential filing from the creator of ChatGPT is anticipated in the coming weeks.

The sources noted that talks with Citigroup and JPMorgan might not lead to their participation in the IPO syndicate, and that other banks are also expected to be involved.

Representatives from OpenAI, Citigroup, and JPMorgan declined to provide comments.

The IPO would come after SpaceX’s anticipated listing, projected to be the biggest ever at $75 billion, yet it would position OpenAI ahead of rival AI firm Anthropic PBC, which also plans a large offering later this year or early next year.

Over the past year, OpenAI has faced intensified competition, especially from Anthropic, previously viewed as the AI underdog. Nevertheless, OpenAI’s revenue has surged rapidly due to improvements in its AI agent products, winning over enterprise clients.

Anthropic announced on Thursday that it secured $65 billion in a funding round, boosting its valuation to $965 billion and surpassing OpenAI’s most recent valuation of $852 billion.

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Published on May 30, 2026