OpenAI is reportedly in talks to add Citigroup and JPMorgan Chase to its IPO banking syndicate, joining lead underwriters Goldman Sachs and Morgan Stanley. The move signals an accelerating path to public markets and a desire for full Wall Street backing.
The company plans to confidentially file draft IPO paperwork with US regulators as early as this month, with a target listing date of September 2026. At that time, OpenAI could achieve a valuation approaching $1 trillion.
OpenAI already maintains a $4.7 billion undrawn revolving credit facility backed by a syndicate including JPMorgan, Goldman Sachs, and Morgan Stanley. Bringing those same banks into the IPO underwriting group is a natural extension of existing partnerships.
On March 31, 2026, the company closed a record $122 billion private funding round, reaching a post-money valuation of $852 billion. Amazon contributed $50 billion to that round, contingent on IPO and AGI-related milestones.
Meanwhile, synthetic tokens tied to OpenAI and Anthropic on Solana fell nearly 40% in mid-May 2026 after warnings about the validity of share transfers underlying these pre-IPO instruments.