OpenAI has held talks with Citigroup Inc. (New York: C) and JPMorgan Chase & Co. (New York: JPM) about their potential involvement in organizing its upcoming initial public offering (IPO).
According to the sources, both banks may join Goldman Sachs Group Inc. (New York: GS) and Morgan Stanley (New York: MS) in preparing for the offering. The creator of ChatGPT is expected to confidentially file for an IPO within weeks, and the offering itself could take place later this year.
The sources noted that the talks with Citigroup and JPMorgan do not necessarily result in their inclusion as IPO organizers. Furthermore, other investment banks are also likely to be involved in the IPO. The IPO follows Elon Musk's SpaceX, which is expected to be the largest-ever offering at a $75 billion valuation. OpenAI's offering is likely to precede rival AI company Anthropic PBC, which is also planning a major IPO later this year or early next year.