Citi, JPM Reportedly In Talks To Join OpenAI IPO Bank Lineup

• A confidential IPO filing is reportedly expected soon, with the listing set to be one of the most closely watched tech offerings.
• The IPO would come at a time when Anthropic is also planning a major listing, while SpaceX is expected to go public at a record valuation.
• OpenAI is presently valued at $852 billion, following a funding round in March.

OpenAI is reportedly in talks with banks including Citigroup (C) and JPMorgan Chase & Co (JPM) to work on its upcoming initial public offering (IPO).

A confidential IPO filing from the ChatGPT maker is reportedly expected within weeks. The listing would put OpenAI ahead of rival artificial intelligence firm Anthropic PBC, which is also preparing for a potential offering later this year or early next.

IPO Target Reportedly Seen As September, But Not Final Yet

Citigroup and JPMorgan may join Goldman Sachs (GS) and Morgan Stanley (MS) in preparing OpenAI’s listing, according to Bloomberg, citing people familiar with the matter.

Goldman Sachs and Morgan Stanley are already working with the company on a draft IPO prospectus that is expected to be filed confidentially with regulators soon.

Adding more banks as underwriters would bring OpenAI closer to a potential IPO, which could be filed in the coming weeks, Bloomberg reported. However, the talks are still ongoing and may not lead to Citigroup and JPMorgan being included, with other banks also expected to participate.

OpenAI, led by Sam Altman, is targeting a possible public listing as early as September, though the plans remain fluid and subject to change, according to a Wall Street Journal report. 

AI Competition Heats Up

OpenAI’s IPO would come after Elon Musk’s SpaceX listing, expected to be the largest ever at around $75 billion, and ahead of rival AI firm Anthropic, which is also planning a large public offering later this year or early next year, stated the Bloomberg report.

Over the past year, competition in artificial intelligence has intensified, especially from Anthropic. However, OpenAI continues to expand rapidly, driven by strong growth in its AI agent tools and increasing adoption among enterprise customers.

On Thursday, Anthropic said it raised $65 billion in a funding round that valued the company at $965 billion, surpassing OpenAI’s most recent valuation of $852 billion. 

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