Bank of America has quietly extended a $520 million credit line to OpenAI, reversing an earlier decision to walk away from lending to the ChatGPT maker and positioning itself for a lead role in what could become one of the largest IPOs in history. The second‑largest US lender had previously viewed OpenAI and similar money‑losing AI startups as too risky, but changed its stance as it became clear that capital markets continue to reward aggressive AI spending and that OpenAI’s planned listing could generate substantial advisory and underwriting fees. The new facility is Bank of America’s first loan to OpenAI and adds to an existing undrawn revolving credit line originally set up in October 2024 with a syndicate of nine global banks for $4 billion and later increased to $4.7 billion, bringing total committed capital available to OpenAI to more than $5 billion. OpenAI has already confidentially filed for an IPO and is part of an AI listing pipeline Bloomberg estimates at roughly $3.6 trillion in combined potential valuations. The company was valued at about $852 billion in its most recent funding round in March. Bank of America is now vying for advisory roles on the IPOs of both OpenAI and Anthropic, hoping that extending credit will strengthen its case to be added to a top‑tier syndicate that already includes Goldman Sachs and Morgan Stanley.