BofA extends first $520 million loan to OpenAI ahead of IPO, source says

Bank of America has extended its first loan totaling $520 million to OpenAI. This financial move comes as OpenAI prepares for its anticipated IPO, according to reported sources. The funding provides substantial capital support to the company during its pre-public transition phase. This arrangement marks a significant financial milestone for OpenAI, ensuring the organization has the necessary resources to scale its operations and infrastructure before officially entering the public stock market for the first time.