July 18 (Reuters) - JPMorgan Chase ( JPM ) has begun

publishing research notes on prominent private companies

transforming industries, a person familiar with the matter told

Reuters on Friday.

With many industry-leading private companies delaying public

listings, they are attracting a growing share of investor

capital, prompting institutional investors to track them more

closely at earlier stages.

Companies such as ChatGPT-maker OpenAI, Elon Musk's SpaceX

and TikTok-parent Bytedance now hold valuations that rival or

surpass several major S&P 500 firms, blurring the

distinction between public and private market influence.

The largest U.S. lender released its first report on OpenAI,

the company that spurred Wall Street's AI gold rush, according

to an internal memo seen by Reuters.

Unlike traditional research notes, these brokerage reports

will not feature estimates, price targets or ratings, Hussein

Malik, J.P.Morgan's head of global research said in the memo,

which highlighted AI and software as core areas for private

company coverage.

"Private companies are becoming increasingly relevant to

various industries, especially in the new economy space," Malik

said.

"The goal of this offering is to support our investor

clients by providing structured information and tracking,

offering deeper insights into key disruptors and their impact on

the sectors in which they operate."

Institutional investors are increasingly focused on private

company research and investment opportunities as these firms

develop technologies that influence mature sectors, the source

added.

Nearly 1,500 private startups have achieved unicorn status,

having raised funding at valuations above $1 billion, according

to PitchBook's tracker.

North America leads globally with over 1,000 unicorns,

collectively valued at nearly $4 trillion.

As private companies play a growing role in transforming

legacy industries, Wall Street is adjusting to rising demand for

insights into these influential firms, reflecting a shift in how

market power is assessed.