OpenAI president Greg Brockman said on stage at The Wall Street Journal’s WSJ Tech conference on 4 November that OpenAI has signed a partnership with JPMorgan Chase that “has not been previously announced”. He said the bank will use Codex, OpenAI’s coding agent, and that “they’re going to be using our cyber models to secure themselves”.
He gave the deal as an example while answering a question on enterprise share. He put OpenAI’s enterpriserevenue at “about 30% versus consumer at 70%” earlier and said “we’re majority enterprise” now. By our arithmetic, that is a rise of more than 20 percentage points in the enterprise share of OpenAI’s revenue, on his own estimates. His words are from our machine transcription of the audio of WSJ’s video of the session.
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The key insight: Greg Brockman said at WSJ Tech that OpenAI has signed a partnership with JPMorgan Chase that “has not been previously announced”, covering Codex, OpenAI’s cyber models and knowledge work. He put OpenAI’s enterprise share of revenue at about 30% earlier and a majority now; by our arithmetic, a rise of more than 20 percentage points on his own estimates.
The interviewer asked: “So what is your enterprise market share now? Any news on that front?” Brockman said he did not know “exactly how to quantify in the broader market, but you can see the way that we’re winning deals.”
He went on: “So for example, actually one that’s hot off the press has not been previously announced is that we just papered” a partnership with JPMorgan Chase. Beyond Codex and the cyber models, he described the bank “deploying our models for enterprise transformation, knowledge work across the company.”
He called JPMorgan “such an iconic institution in such an important domain” and “A highly regulated enterprise that trust is like so key to what they do, and that they chose us”.
OpenAI’s enterprise share of revenue as Greg Brockman estimated it at WSJ Tech on 4 November 2026: about 30% earlier, a majority now (drawn at 50%). His estimates, not reported figures; the rise of more than 20 points is our arithmetic.
The Enterprise Share, in His Words
Brockman hedged both figures. He said: “Well, so within the company, we were probably, I don’t know, I think our enterpriserevenue was about 30% versus consumer at 70%. And now we’re probably somewhere around, like we’re majority enterprise.”
He added that consumer revenue has not fallen: “It’s been growing, but it’s the enterprise segment has really taken off.” Earlier in the same session, as our previous piece reported from WSJ’s caption file, he said OpenAI had “70% quarterly growth in our annualized revenue” in the third quarter, with the enterprise side “doubling”.
Update, 5 Nov, 07:40Z: what the written reports say.Reuters reported that Brockman said OpenAI now generates the majority of its revenue from enterprise sales. That matches the “we’re majority enterprise” line in our machine transcription above. Reuters did not print that sentence word for word, so the exact wording of his quotes above still rests on our transcription.
Reuters also reported a point this piece did not have. Asked on stage whether OpenAI will be ready for an IPO next year, Brockman said, “I think so.” Reuters reported that he believes the company will be ready to go public in 2027.
The Wall Street Journal’s own write-up, by Maxwell Zeff, is summarised on Techmeme as saying Brockman called the first half of 2026 “pretty rough”, and that agentic coding tools, GPT-5.6 Sol and ChatGPT Work drove a “revenue inflection” in the third quarter, driven by a growing enterprisebusiness. We could not read the WSJ article itself, so those words rest on Techmeme’s summary of it.
The Bank Already Works With Anthropic on Cyber
JPMorganChase is one of the launch partners Anthropic named for Project Glasswing on 7 April 2026, an initiative Anthropic says brings organisations together “in an effort to secure the world’s most critical software”. By our count, it is the only bank among the 11 organisations named besides Anthropic.
OpenAI has its own programme for defenders. In a post we covered on 3 November, OpenAI pointed to Daybreak and said it has committed $1 billion in subsidized access over six months for frontline defenders. As we reported on 22 October, the Independent Community Bankers of America announced an alliance giving eligible member banks subsidized access to OpenAI’s cyber-defence program.
The Business Lever
The business lever in this story is enterprise sales. Brockman used a named bank to answer a question about OpenAI’s share of the business market, and the deal as he described it spans three uses: coding, security and knowledge work across the company.
As we read it, a bank that sits in Anthropic’s security initiative and now, by Brockman’s account, uses OpenAI’s cyber models works with both labs on security. The sources we read do not say how JPMorgan splits that work between them.
Connecting the Coverage
Our related pieces on OpenAI, banks and AI security:
As we read the session, Brockman offered the JPMorgan deal as his evidence on enterprise share: he said he did not know “exactly how to quantify in the broader market” and pointed to deals instead.
As we read the three uses he listed, the deal reaches past developers: coding through Codex, the bank’s own security through the cyber models, and “knowledge work across the company.”
As we read Anthropic’s Glasswing page next to his remarks, JPMorganChase now works with both OpenAI and Anthropic on security; the sources we read do not say how the bank divides that work.
Greg Brockman, OpenAI president, at WSJ Tech, 4 November 2026 (our transcription of WSJ’s video)
“A highly regulated enterprise that trust is like so key to what they do, and that they chose us and that we’re here to be a great partner.”
Three Implications
FOR OPENAI Brockman named a regulated bank as a customer for Codex and its cyber models, without terms; we found no announcement from OpenAI or JPMorganChase when we checked.
FOR ANTHROPIC JPMorganChase is a launch partner in its Project Glasswing, which Anthropic says aims “to secure the world’s most critical software”.
FOR OTHER BANKS Bloomberg News reported that Goldman Sachs has limited Anthropic’s Claude Code and Microsoft’s GitHub to its engineers, as we covered on 2 November; Brockman described JPMorgan deploying OpenAI’s models “across the company.”
As we read it, the deal Brockman described would place OpenAI’s models in three parts of the bank at once, coding, security and knowledge work, at a bank that already works with Anthropic on security. The analysis does not discuss OpenAI, JPMorgan or this deal.
What Is Not Established
Brockman gave no terms, price, length, seat count or start date for the JPMorgan partnership. When we checked between 05:40 and 06:05 UTC on 5 November, we found no announcement on OpenAI’s news feed or on JPMorganChase’s press-releases page, and WSJ’s written story on the session was not accessible to us.
The 30% and the majority are his estimates on stage, not reported figures, and he gave no dollar amounts. The rise of more than 20 points is our arithmetic, and the count of Glasswing partners is our count.
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Greg Brockman said at WSJ Tech that OpenAI has signed a not previously announced partnership with JPMorgan Chase, under which the bank will use Codex and OpenAI’s cyber models. He put OpenAI’s enterprise share at about 30% earlier and a majority now, a rise of more than 20 points by our arithmetic on his estimates. JPMorganChase was already a launch partner in Anthropic’s Project Glasswing.
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A note on sourcing. Brockman’s words are from our machine transcription of the audio of The Wall Street Journal’s own video of his WSJ Tech session on 4 November 2026 (1,772 seconds); WSJ’s caption file for the full session was not accessible to us. We checked the passage against a 63-second clip of the same moment posted on X by Fireside Alpha, which matches it.
The transcription renders Codex as “codecs”; WSJ’s own caption file for an earlier clip from the session spells it Codex. The JPMorganChase role in Project Glasswing is from Anthropic’s page. The 30% and the majority are Brockman’s estimates; the rise of more than 20 points is our arithmetic and the Glasswing partner count is our count.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
