OpenAI has spoken with Citigroup Inc. and JP Morgan Chase & Co. about potential roles in its upcoming initial public offering, as the maker of ChatGPT moves closer to a possible stock market listing later this year.

Goldman Sachs Group Inc. and Morgan Stanley are already involved in preparations. But talks with Citigroup and JP Morgan may not lead to formal mandates, and other investment banks could still join the underwriting lineup.

An initial public offering became more feasible after OpenAI restructured into a public benefit corporation in October 2025. Its main operating business became OpenAI Group PBC, while the OpenAI Foundation kept control through its power to appoint board members.

OpenAI was valued at US$852 billion in a March 2026 funding round. It later said it was generating US$2 billion in monthly revenue, though it remained unprofitable.

🔗 Source: Bloomberg

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