OpenAI is the world’s third-most-valuable private company—valued at $300 billion in its latest fundraise in March 2025, and it’s “marching to the beat of its own disruption drum,” according to JPMorgan. At the same time, the bank warns, the risks to the company’s business model are “broadening.”
The investment bank took the rare step of initiating coverage on the artificial intelligence (AI) powerhouse, whose ChatGPT products have transformed digital interactions, even though it’s not a publicly listed company. Bloomberg reported that the coverage will start with sectors such as AI and software, where private firms such as OpenAI play major and dynamic roles, citing a person familiar with the matter. That is in and of itself interesting, and speaks to the massive role that private credit has come to play in tech and finance, as JPMorgan’s own CEO Jamie Dimon often discusses. But this particular note also reached several dramatic, sometimes contradictory conclusions.
