More than a year after Nigerian billionaire Adebayo Ogunlesi joined the board of OpenAI, the artificial intelligence group is moving closer to what could become one of the most closely watched public offerings in recent years, as it explores a potential initial public offering that some reports have placed at a valuation approaching $1 trillion.

People familiar with the discussions say OpenAI has been in talks with several major Wall Street banks, including Citigroup Inc. and JPMorgan Chase & Co., about joining its underwriting team. The conversations also involve established advisers such as Goldman Sachs Group Inc. and Morgan Stanley. The people said the discussions are ongoing and may still change, and that no final decisions have been made.

OpenAI IPO preparations advance

The talks come as OpenAI continues early preparations for a potential listing that could take place as soon as this year, although timing remains uncertain. A confidential filing with regulators is expected in the coming weeks, according to earlier reports. Even so, the process is still in motion, and the final structure of the offering could shift depending on market conditions and internal decisions.

OpenAI has grown rapidly since launching ChatGPT in late 2022, becoming one of the most closely watched companies in the technology sector. The company reported about $20 billion in annualized revenue in 2025, though it continues to invest heavily in computing infrastructure, talent, and product development. Those costs have kept profitability under pressure even as customer adoption expands, particularly among enterprise users.

Investor interest in artificial intelligence has intensified competition across the sector. Anthropic PBC recently raised $65 billion in fresh funding, valuing the company at about $965 billion, according to people familiar with the deal. That figure put it close to OpenAI’s last reported valuation of roughly $852 billion, highlighting how quickly valuations in the sector have shifted over the past year.

OpenAI valuation exceeds $850 billion

At the same time, other large technology and infrastructure players continue to draw attention in private markets. SpaceX has been widely reported to be preparing a major fundraising effort that could rank among the largest of its kind if completed, underscoring investor appetite for high-growth private companies before they reach public markets.

OpenAI’s investor base includes major global institutions such as Microsoft, Amazon, NVIDIA, and SoftBank Group Corp. These backers have supported several large funding rounds, including a multibillion-dollar capital raise that valued the company at more than $850 billion, according to previously disclosed figures.

Ogunlesi’s presence on the board has added another layer of attention to OpenAI’s governance and long-term planning. A seasoned infrastructure investor who helped build Global Infrastructure Partners into a major global platform before its sale to BlackRock Inc., he has long been associated with large-scale capital projects and institutional investing.