OpenAI is in discussions with financial institutions, including Citigroup Inc. and JPMorgan Chase & Co., regarding its planned initial public offering (IPO), according to sources familiar with the matter. Citigroup and JPMorgan may join Goldman Sachs Group Inc. and Morgan Stanley in preparing for the listing, though the individuals who provided this information requested anonymity due to its private nature.
Bringing additional underwriters on board would signify progress for OpenAI towards its IPO, which some reports indicate could occur later this year. Bloomberg News has suggested that a confidential IPO filing from the creator of ChatGPT is anticipated within weeks.
However, the conversations with Citigroup and JPMorgan may not necessarily result in their participation in the offering, according to the sources. It is also probable that other investment banks will be involved in the listing process.
Representatives for OpenAI, Citigroup, and JPMorgan have opted not to comment on the matter.
This planned IPO follows closely on the heels of Elon Musk’s SpaceX, which is projected to be the largest IPO to date, valued at $75 billion. OpenAI’s offering could potentially precede that of rival artificial intelligence company Anthropic PBC, which is also expected to make a significant offering later this year or early next year.
Over the past year, OpenAI has faced increased competition, particularly from Anthropic, a company that was previously seen as a contender in the AI space. Nonetheless, OpenAI has experienced rapid revenue growth attributed to advancements in its AI agent tools, allowing it to capture market share among enterprise customers.
Anthropic revealed on Thursday that it raised $65 billion in a funding round, bringing its valuation to $965 billion, surpassing OpenAI’s last reported valuation of $852 billion.
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Published on May 30, 2026.
