OpenAI is reportedly in discussions to bring Citigroup and JPMorgan Chase into its IPO banking syndicate, expanding beyond its existing lead underwriters Goldman Sachs and Morgan Stanley. The move signals that OpenAI’s path to public markets is accelerating, and the company wants the full weight of Wall Street behind it when it gets there.
The company is preparing to confidentially file draft IPO paperwork with US regulators as early as this month, with a target public listing date of September 2026. If it hits that timeline, OpenAI would go public at a valuation potentially approaching $1 trillion.
A trillion-dollar debut in the making
Citigroup and JPMorgan’s addition mirrors what’s been observed in other major tech and AI-adjacent IPOs. SpaceX’s IPO banking lineup featured a similarly expanded roster of financial institutions, suggesting OpenAI is following an established playbook for mega-cap offerings.
OpenAI already has deep financial relationships with these banks. The company maintains an undrawn revolving credit facility of approximately $4.7 billion, backed by a syndicate that includes JPMorgan, Goldman Sachs, and Morgan Stanley. Bringing those same institutions into the IPO underwriting group is a natural extension of existing partnerships.
