OpenAI Reportedly Adding Banks to IPO Underwriting Team

OpenAI is reportedly in discussions to add Citigroup and JPMorgan Chase to its initial public offering (IPO) underwriting roster [1]. These financial institutions would join Goldman Sachs and Morgan Stanley in managing what is expected to be one of the most significant public market debuts in the history of the technology sector [1].

Key takeaways

• OpenAI is targeting a confidential draft IPO prospectus filing by late May 2026, with a potential public listing in September 2026 [1].
• The company reached an $852 billion post-money valuation following a $122 billion funding round in March 2026 [1].
• OpenAI is currently working with Goldman Sachs and Morgan Stanley to prepare for its upcoming filing [3].
• The move to include major banks is intended to bolster the company's financial framework and enhance its credibility with potential investors [2].

Building a Wall Street Roster

The inclusion of Citigroup and JPMorgan is viewed as a strategic effort by OpenAI to secure broad institutional support for its public offering [1]. By aligning with banks that possess significant market influence, the company aims to provide stability and demonstrate growth prospects to the market [2]. While OpenAI has not confirmed the specific lineup, the company stated that it regularly evaluates a range of strategic options as part of its normal governance and remains focused on execution [3].

The preparation for an IPO comes as OpenAI continues to navigate high capital expenditures and intense competition in the artificial intelligence sector [3]. CFO Sarah Friar has previously noted that it is "good hygiene" for a company of OpenAI’s scale to operate with the structure and transparency of a public entity [3]. Wall Street banks have been increasingly active in researching large private companies like OpenAI ahead of official filings, a shift from the traditional practice of initiating coverage only after a public debut [1].

Why it matters

The potential September 2026 listing places OpenAI’s IPO in a competitive fall trading window, drawing comparisons to other mega-cap private companies like SpaceX [1]. The market’s interest in the company is already manifesting in unconventional ways, with crypto platforms like OKX planning to launch perpetual futures contracts to provide synthetic exposure to OpenAI’s private valuation [1]. As the company moves toward the public markets, investors are expected to focus heavily on its revenue trajectory and its ability to achieve sustained profitability [1]. Meanwhile, the rivalry between OpenAI CEO Sam Altman and SpaceX’s Elon Musk continues to play out, with both companies preparing for major public market milestones following recent legal proceedings [3].