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…
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 · Real Estate & Private Companies
Tom has interviewed most of the operators reshaping the Gulf skyline — and a few of the ones who tried and didn't. His beat is real estate, commodities, manufacturing, and the founder-led private companies that never bother to list. He knows which buildings and balance sheets survive a downturn before the spreadsheet does. Based in Dubai. Reach out at tom.whitmore@theplatinumcapital.com.
