OpenAI IPO Plans to Include Citigroup and JPMorgan as Lead Underwriters
N.R. Finch
OpenAI is in talks with Citi and JPMorgan to join its IPO underwriting team — if confirmed, four major banks would back what may be the year's most watched AI listing.
Why expand the underwriting team?
OpenAI had already tapped Goldman Sachs and Morgan Stanley as lead underwriters. Now it is in discussions to add Citi and JPMorgan.
This means → at a last-round valuation of $852 billion, two banks may not be enough to distribute the offering; a wider syndicate helps absorb the scale.
People familiar with the matter caution: talks are not finalized, Citi and JPMorgan may not join, and additional banks could still be added.
How far along is the IPO?
Bloomberg previously reported that OpenAI's confidential IPO filing is expected within weeks, with the listing potentially completing later this year.
In plain terms = the company is at the "pick your banks, file the paperwork" stage — actual trading is still several steps away.
OpenAI, Citi, and JPMorgan all declined to comment. All information comes from people familiar with the matter.
AI companies lining up to list — what does the competitive picture look like?
OpenAI is not the only one in the queue: Elon Musk's SpaceX also plans to go public at an expected valuation of $75 billion, potentially the largest IPO in history.
Direct rival Anthropic closed a $65 billion funding round on Thursday, pushing its valuation to $965 billion — above OpenAI's last reported $852 billion.
This reflects a fundraising race that is spilling from private markets into public ones — who lists first, and at what valuation, is itself a positioning battle.
Content is for reference only, not financial advice.