Bank of America extended a $520 million credit line to OpenAI, its first loan to the artificial intelligence company as it prepares for an initial public offering, a person familiar with the matter told Reuters on Wednesday.
The loan makes Bank of America one of OpenAI’s largest lenders and supports its position in AI-related capital markets financing, the source said, speaking on condition of anonymity because the information is confidential.
Bank of America has helped raise nearly $500 billion in capital for AI-related companies since 2025, representing 60% of that fundraising across investment-grade debt, leveraged finance, and equity capital markets, according to internal data seen by Reuters.
The move followed Bank of America’s role in SpaceX’s IPO, where it was a joint bookrunner and led the U.S. retail distribution effort. SpaceX, led by Elon Musk, debuted in June at a valuation of more than $2 trillion after completing what Reuters described as the world’s largest IPO.
OpenAI confidentially filed for a U.S. IPO last month. The ChatGPT maker is reportedly seeking a valuation of more than $1 trillion in a listing that could come as soon as this year.
Large IPOs can generate hundreds of millions of dollars in fees for Wall Street banks and can lead to additional business.
OpenAI was founded in 2015 as a research-focused nonprofit and created a for-profit arm four years later to help fund the costs of developing AI systems.