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JPMorgan Launches Private Firm Research, Spotlights OpenAI Risks

7/19/2025

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Summary

Story summary

JPMorgan Chase begins publishing equity research on private firms, beginning with OpenAI, showcasing their market influence.
The median age for private companies going public has risen from 6.9 to 10.7 years.
OpenAI is projected to remain unprofitable until 2029, relying on subscriptions for 75% of its revenue.
The bank cautions about increasing competition and risks for OpenAI in the evolving AI sector.

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Story summary

JPMorgan Chase begins publishing equity research on private firms, beginning with OpenAI, showcasing their market influence.
The median age for private companies going public has risen from 6.9 to 10.7 years.
OpenAI is projected to remain unprofitable until 2029, relying on subscriptions for 75% of its revenue.
The bank cautions about increasing competition and risks for OpenAI in the evolving AI sector.