OPENAI TAPS CITIGROUP, JPMORGAN FOR IPO

OpenAI is building out its banking relationships ahead of a planned IPO, according to sources familiar with the discussions. The company has spoken with Citigroup Inc. and JPMorgan Chase & Co. about their involvement in the offering. The development comes as pressure mounts across the AI sector to access public markets. Rival AI companies are accelerating their own IPO timelines, with some racing to raise significant capital for expansion efforts. OpenAI's IPO discussions emerge after a year of shifting priorities at the ChatGPT developer. CEO Sam Altman has recalibrated the company's near-term goals following unsuccessful ventures into advertising and consumer products. The company, which has raised billions from investors including Microsoft and Saudi Arabia's Public Investment Fund, has not announced a formal IPO timeline. Details about valuation expectations and offering size remain unclear.