Bank of America extends $520 million line of credit to OpenAI

Bank of America has extended a $520 million line of credit to OpenAI, marking the bank's first loan to the artificial intelligence company as it prepares for a highly anticipated initial public offering. The deal, first reported on Wednesday, July 8, 2026, positions Bank of America as one of OpenAI's largest lenders and signals a strategic shift for a major financial institution that had previously been reluctant to finance loss-making AI startups.

According to sources familiar with the matter, the credit line strengthens Bank of America's standing in AI-related capital markets financing. The bank has helped raise close to $500 billion for AI-related companies since 2025, accounting for roughly 60 percent of such fundraising across investment-grade debt, leveraged finance, and equity capital markets, according to internal data.

The move represents a reversal for Bank of America, which had turned down OpenAI's requests for financing as recently as last year. Executives were reportedly cautious about companies with high spending and unproven profitability. The bank's decision to lend now is closely tied to OpenAI's IPO plans. Bank of America sees participation in a major stock...