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…

TPC Editorial Desk

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TPC Editorial Desk

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14 Aug 2025

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1 min

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 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?

TPC Editorial Desk

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TPC Editorial Desk

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