OpenAI has conducted talks with Citigroup Inc. and JPMorgan Chase & Co. about taking on roles for its anticipated initial public offering, according to reporting from Bloomberg that cited people familiar with the matter.
The discussions could lead to Citigroup and JPMorgan joining Goldman Sachs Group Inc. and Morgan Stanley in preparing the listing. Sources told Bloomberg that OpenAI intends to file for the IPO confidentially within weeks, with the possibility that the sale could take place later this year.
Those conversations are not final commitments - the people familiar with the matter cautioned that talks with Citigroup and JPMorgan may not culminate in either bank joining the underwriting team. The report also indicated that other investment banks beyond the four named are likely to be involved in the transaction.
In timing and market context outlined by the report, OpenAI's proposed offering would follow the anticipated public listing of SpaceX, which is expected to be large in scale. The OpenAI IPO would likely come ahead of a rival artificial intelligence company, Anthropic PBC, which is also expected to pursue a substantial offering later this year or in the early part of next year.
The picture emerging from the discussions is one of a broad syndicate potentially forming around the offering, but with several open variables - bank participation, the precise timetable for the confidential filing and the ultimate public launch window. The people cited did not provide binding commitments, and the report makes clear that the situation remains fluid.
Contextual note: The information above follows the Bloomberg reporting as described by people familiar with the matter. No additional commitments, dates or financial terms were disclosed in those accounts.