Bank of America is extending a $520 million credit line to OpenAI ahead of its planned initial public offering, according to multiple reports citing people familiar with the matter. Bloomberg reports that the bank makes this move after previously declining or “spurning” OpenAI’s lending request, describing the decision as a change in course. Other outlets similarly report the $520 million figure and link the financing to the period leading up to the IPO.
The reports say the credit line is part of Bank of America’s financing support for OpenAI and positions the bank among the company’s larger lenders. The coverage characterizes the agreement as an initial or first tranche of credit provided in recent weeks, but does not detail specific terms such as interest rates, maturity, or conditions. The reporting also does not indicate whether the credit line is guaranteed to be used in connection with the IPO. Overall, the sources agree on the main points: the amount ($520 million), the counterparty (OpenAI), the lender (Bank of America), and the timing relative to a planned IPO.
