OpenAI Mulls Adding Citigroup and JPMorgan to IPO Underwriter Lineup

# OpenAI, the creator of ChatGPT, is moving closer to an initial public offering. Sources say the AI firm has discussed bringing Citigroup and JPMorgan on board alongside Goldman Sachs and Morgan Stanley. A confidential filing is expected within weeks, according to Bloomberg News, and the listing could occur later this year. The move signals that OpenAI is solidifying a heavyweight banking team to steer a high‑profile debut on the market.

What happened

OpenAI’s leadership has entered talks with two of Wall Street’s biggest banks—Citigroup and JPMorgan—to join the underwriter roster already featuring Goldman Sachs and Morgan Stanley. The discussions are part of the company’s preparation for a confidential IPO filing that Bloomberg reports will be submitted in the next few weeks. Adding Citigroup and JPMorgan would broaden the pool of advisors handling the pricing, allocation and regulatory compliance of the offering. The expanded lineup would give OpenAI access to a wider client base, deeper distribution channels in the United States and potentially stronger demand from institutional investors. While no formal agreement has been announced, the reported talks suggest that the company is finalising the composition of its underwriting team before the filing is made public.

Why it matters

Securing multiple top‑tier banks is a standard step for any large‑scale IPO, but the choice of underwriters can shape the size and composition of the investor crowd. Citigroup and JPMorgan bring distinct strengths: Citigroup’s global reach in emerging markets and JPMorgan’s dominance in corporate and institutional sales. Their involvement could help OpenAI tap into a broader set of investors beyond the technology‑focused community that Goldman Sachs and Morgan Stanley typically serve. Moreover, the presence of four leading banks may signal confidence in the valuation and growth prospects of the AI firm, reassuring potential shareholders that the offering will be managed with extensive expertise. The move also reflects OpenAI’s ambition to position its IPO as a landmark event in the technology sector, comparable to other high‑profile listings in recent years.

The bigger picture

The AI sector has become a hotbed for public‑market activity, with several start‑ups seeking to monetize rapid user growth and venture‑backed valuations. In India, the tech IPO market has seen a resurgence, driven by investor appetite for high‑growth software and cloud companies. While OpenAI is a U.S.‑based firm, its global footprint means that Indian institutional investors are likely to be part of the demand pool, especially given Citigroup’s strong presence in the region. Recent listings such as Zoho and Freshworks have demonstrated that investors are willing to pay premium multiples for companies that combine recurring revenue models with strong brand recognition. OpenAI’s potential listing would add a pure‑AI play to this mix, offering a contrast to more traditional SaaS entrants. The involvement of multiple banks also mirrors a broader trend where companies assemble diversified underwriting teams to mitigate risk and broaden distribution.

What’s next

The next concrete step is the confidential filing, which, if submitted within weeks, will trigger a quiet period during which the company must limit public disclosures. After the filing, the underwriters will begin a roadshow, meeting with institutional investors to gauge demand and refine pricing. Market observers will watch the size of the offering, the price range, and the allocation strategy closely. If the IPO proceeds later this year, the performance of OpenAI’s shares could set a benchmark for future AI‑centric listings. Analysts will also monitor whether the expanded bank lineup influences the final valuation, as each bank may push for a different pricing narrative based on its client base. Finally, the filing will likely include details about the amount of capital OpenAI seeks to raise and how it plans to allocate funds—whether toward research, infrastructure, or strategic acquisitions.

Key takeaways

• OpenAI is in talks with Citigroup and JPMorgan to join Goldman Sachs and Morgan Stanley as underwriters for its upcoming IPO.
• A confidential filing is expected within weeks, with the public listing potentially slated for later this year.
• Adding Citigroup and JPMorgan broadens distribution, taps global investor networks, and may boost confidence in the offering.
• The move aligns with a wider wave of AI and tech companies preparing high‑profile public listings, including in India’s revitalised tech IPO market.
• Investors will watch the roadshow, pricing range and final valuation closely, as they could influence future AI‑sector IPOs.