SynopsisThe loan makes BofA one of OpenAI's largest lenders and bolsters its credentials as a market leader ‌in AI-related capital ⁠markets ⁠financing, the source said, requesting anonymity to discuss confidential information.Bank of America has extended a $520 million credit line to OpenAI, ​its first loan to ​the AI company that is preparing for an initial ​public offering, a person familiar with the matter told Reuters on Wednesday.The loan makes BofA one of OpenAI's largest lenders and bolsters its credentials as a market leader ‌in AI-related capital ⁠markets ⁠financing, the source said, requesting anonymity to discuss confidential information.BofA has helped raise nearly $500 ​billion in capital for AI-related companies since 2025, accounting for 60% of such fundraising ​across investment-grade debt, leveraged finance and equity capital markets, according to internal data seen by Reuters.The second-largest American lender is also eyeing advisory roles ​on the planned IPOs of OpenAI and Anthropic, ⁠according to ‌a second source familiar with the matter.The move ​follows its role ​in SpaceX's blockbuster IPO, where it was a joint ⁠bookrunner and led the U.S. retail distribution effort. The ​rockets-to-AI company led by Elon Musk debuted in ​June at a valuation of more than $2 trillion after pulling off the world's largest IPO.OpenAI confidentially filed for a U.S. IPO last month. Reuters has reported that the ChatGPT maker, a key player in the AI race, is targeting a valuation of more than $1 trillion in a ‌listing that could come as soon as this year.Mega IPOs are typically very lucrative for Wall Street banks, generating ​hundreds of millions ​of dollars in ⁠fees while opening the door to years of follow-on business.OpenAI did not immediately respond to Reuters' request for comment. The news of BofA handing the ​company a credit line was first reported by Bloomberg earlier on Wednesday.The AI company was founded in 2015 as a research-focused nonprofit, but created a for-profit arm four years later to help fund the soaring costs of developing AI systems. ...moreElevate your knowledge and leadership skills at a cost cheaper than your daily tea.Subscribe Now