OpenAI Explores Potential Addition of Citigroup and JPMorgan to Bank Lineup for Upcoming IPO

OpenAI Nears IPO Milestone with Discussions with Major Banks

OpenAI, the maker of the popular AI chatbot ChatGPT, is in talks with several major banks, including Citigroup Inc. and JPMorgan Chase & Co., to work on its highly anticipated initial public offering (IPO). According to people familiar with the matter, these discussions could bring Citigroup and JPMorgan on board with Goldman Sachs Group Inc. and Morgan Stanley, who are already involved in preparations for the listing.

An IPO filing by OpenAI is expected to be made public within weeks, as reported by Bloomberg News. However, it's worth noting that discussions with Citigroup and JPMorgan may not necessarily result in them joining the lineup for the IPO. Other investment banks may also be involved in the listing, according to the people familiar with the matter.

Representatives for OpenAI, Citigroup, and JPMorgan have declined to comment on the matter. The IPO is expected to be a significant event, following the listing of Elon Musk's SpaceX, which is set to be the largest IPO of all time, valued at $75 billion. OpenAI's IPO would also put it ahead of rival artificial intelligence company Anthropic PBC, which is expected to launch a similar offering later this year or early next.

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In recent times, OpenAI has faced increased competition from Anthropic, which was once considered the underdog in the AI space. However, OpenAI's revenue has been growing rapidly due to advances in its AI agent tools, allowing it to capture market share from enterprise customers. This growth has been evident in OpenAI's increasing valuation, which was last reported to be $852 billion.

Anthropic made headlines on Thursday by announcing a significant funding round, raising $65 billion and valuing the company at $965 billion, surpassing OpenAI's last reported valuation.