JPMorgan’s OpenAI Coverage Sparks a New Era in Private Company Research
Wall Street is undergoing a quietly monumental shift—investment banks are beginning to cover private companies, and JPMorgan Chase has ignited the trend with its inaugural report on OpenAI. What started as a trickle is quickly becoming a flood. Citigroup followed suit shortly aft…
By
Tom Whitmore
Published
Aug 14, 2025
Read
1 min
Wall Street is undergoing a quietly monumental shift—investment banks are beginning to cover private companies, and JPMorgan Chase has ignited the trend with its inaugural report on OpenAI. What started as a trickle is quickly becoming a flood. Citigroup followed suit shortly afterward with a watchlist of approximately 100 major private firms, particularly in the technology space.
This movement comes amid a growing realization that private firms, such as OpenAI, SpaceX, and ByteDance, are no longer peripheral—they’ve become central to shaping industry dynamics ([turn0search16]). JPMorgan’s decision marks a strategic adaptation to this new reality.
What changes with this new coverage model?
Why this matters now:
Written by
Tom Whitmore
Senior correspondent · Technology & Energy
Tom trained as an electrical engineer, which makes him unusually patient with infrastructure stories. He reports on AI, cloud, the energy transition, and the businesses turning frontier engineering into real cash flow. Previously he covered the chip supply chain from Taipei. Skeptical of slide decks; comfortable in a substation. Based in Singapore. Reach out at tom.whitmore@theplatinumcapital.com.
