Bank of America has agreed to extend OpenAI a credit line worth $520 million, in a notable shift in its stance on financing artificial intelligence companies, after it rejected a similar request last year over concerns about high spending and weak profitability, according to a Bloomberg report.
Informed sources told the agency that the bank's decision was driven by the ChatGPT developer's preparations for a potential initial public offering.
They added that Bank of America does not want to miss the opportunity to participate in one of the most anticipated listings on Wall Street, and that the new financing raises the total credit lines available to the company to more than $5 billion.
OpenAI arranged a $4 billion credit facility in October 2024 with the participation of 9 global banks, before increasing it to $4.7 billion last March, with Bank of America absent from both rounds due to its conservative approach to risk management.