JPMorgan Chase has taken a bold step into uncharted territory by beginning to publish research on high-profile private companies that are reshaping industries, according to a source familiar with the matter. This strategic move comes as a response to the growing dominance of privately held firms that are commanding massive investor interest despite not being listed on public exchanges.

With many private tech giants such as OpenAI, SpaceX, and ByteDance achieving valuations that rival or exceed those of top S&P 500 companies, institutional investors are keen to gain deeper insights into these influential players. These companies are increasingly driving innovation across sectors, making it essential for investors to track their growth and impact at earlier stages.

JPMorgan recently issued its inaugural report on OpenAI, the AI pioneer behind ChatGPT, marking the beginning of this new research initiative. According to an internal memo, these private company reports will differ from traditional equity research—omitting ratings, forecasts, and price targets. Instead, they aim to provide in-depth analysis and structured information to help clients better understand how these firms are disrupting their respective industries.

Hussein Malik, JPMorgan’s global head of research, noted in the memo that the bank will initially focus on sectors like artificial intelligence and software, where private firms are most active. “Private companies are becoming increasingly relevant to various industries, especially in the new economy space,” Malik wrote. “This research offering is designed to help investors make sense of these disruptors and their growing influence.”

The surge in interest reflects a broader trend: private markets are expanding rapidly. According to data from PitchBook, nearly 1,500 startups worldwide have reached “unicorn” status, boasting valuations of $1 billion or more. North America alone accounts for over 1,000 of these unicorns, collectively valued at close to $4 trillion.

As private firms increasingly dictate trends in innovation and market direction, Wall Street is adapting. JPMorgan’s initiative signals a shift in how market power is evaluated, blurring the lines between public and private sectors and offering institutional investors new tools to navigate the evolving financial landscape.