OpenAI says it could go public in 2027 and signs up JPMorgan

OpenAI says it could be ready to go public in 2027, and it has landed a big name as a partner: JPMorganChase. Greg Brockman, OpenAI's co-founder and president, shared both points on Wednesday, Nov. 4, at the Wall Street Journal's Tech conference, according to the Journal.

What the bank deal covers

Under the partnership, OpenAI will supply the bank with AI services. That includes access to cybersecurity-focused AI models through a program called Daybreak. According to OpenAI's website, Daybreak gives approved people and organizations access to its advanced security tools, plus security solutions, partners and support for protecting systems.

After the event, Brockman posted on X that the two companies will explore how advanced AI can help the bank's engineers, security teams, employees and customers. He said he is especially excited about security, "to help secure and protect the financial system to a level that is only possible with AI." The coverage available gives no price or contract terms.

The IPO question

An IPO, or initial public offering, is when a private company first sells shares to the public on a stock market. Asked about it, Brockman said: "We want to go public when it's the right time for us. We've made so much progress this year, and I honestly never felt more confident in what we're doing."

In June, OpenAI said it had confidentially filed an S-1 with the Securities and Exchange Commission. That is the registration statement an IPO requires. The company said then that it had not decided on timing and that "it may be a while," but the filing gives it the option to go public sooner.

The funding picture

Days before the conference, the Journal reported that OpenAI had secured about $11 billion in commitments for its current funding round. That is less than half of the $30 billion it first aimed for. OpenAI now plans to approach family offices and wealthy individuals over the coming weeks to reach $20 billion.

It was reported on Oct. 22 that OpenAI described this round as an "opportunistic" bridge before a possible IPO.

What it means for you

A large bank turning to AI to guard its systems is a sign these tools are moving into sensitive work, including the protection of customer money. For business owners, OpenAI's finances and plans matter because they could shape which AI tools are around, and how stable they are, in the years ahead.

Not yet known: whether the 2027 date will hold, since Brockman said only that the company could be ready, or whether the funding round will reach its new $20 billion goal.