Bank of America has provided OpenAI with a $520 million line of credit, according to a report published Wednesday by Reuters. The financial arrangement positions the bank as one of the largest lenders to the artificial intelligence developer, enhancing its role in funding capital projects within the AI sector, a source familiar with the matter stated.
This transaction adds to Bank of America’s growing portfolio in the industry. Internal data reviewed by Reuters indicates the bank has facilitated approximately $500 billion in capital for AI-related firms over the past year. This volume represents 60% of fundraising activity across investment-grade debt, leveraged finance, and equity capital markets during that period.
Beyond lending, sources indicate Bank of America is exploring advisory positions for the initial public offerings of both OpenAI and its competitor Anthropic. The bank recently served as a joint bookrunner for SpaceX’s public listing, which debuted in June with a valuation exceeding $2 trillion. That offering marked the largest initial public offering in history.
OpenAI submitted confidential paperwork for a U.S. initial public offering last month, aiming for a valuation above $1 trillion. Reports suggest the company has considered delaying the listing date. The credit line was initially disclosed by Bloomberg News on Wednesday.
Representatives for OpenAI and Bank of America did not immediately provide comment when contacted. PYMNTS reached out to OpenAI for a statement but had not received a response at the time of publication.
