OpenAI, the company behind ChatGPT, has filed confidentially for an initial public offering, signaling a potential move toward the public markets as competition among artificial intelligence firms intensifies.

The company disclosed this on Monday, June 8, through a statement published on the ChatGPT blog, saying it had submitted a confidential S-1 registration statement to the U.S. Securities and Exchange Commission.

The filing comes just a little over a week after Anthropic, the artificial intelligence startup behind Claude, also filed paperwork with the SEC for an IPO, further escalating the race among leading generative AI firms to secure capital and dominate the fast-growing sector.

OpenAI said it has not yet decided when to proceed with a public offering, noting that some of its near-term goals may still be easier to achieve as a private company.

However, it added that filing confidentially gives it the flexibility to go public sooner if it eventually determines that doing so is in its best interest.

“We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it’s a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best,” the company said.

The company also clarified that the announcement was made in compliance with Rule 135 under the Securities Act of 1933 and should not be interpreted as an attempt to market or sell securities to investors.

“Any offers, solicitations of offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act,” OpenAI added.

Valued at $852 billion post-money following its latest fundraising round in late March, OpenAI’s filing follows that of its arch rival, Anthropic, owner of Claude, which has also surged in valuation amid growing investor interest in artificial intelligence companies.

On June 1, Nairametrics reported that Anthropic had filed paperwork with the SEC for an IPO, becoming the first major generative AI company to formally begin the process of listing on public markets.

Anthropic had said the filing would give it the flexibility to proceed with a public offering after the SEC completes its review process, adding that the timing of any IPO would depend on market conditions and other factors.

Both Anthropic and OpenAI, however, stated that the number of shares to be offered and the pricing of the proposed offerings have not yet been determined.

Despite its soaring valuation, OpenAI is still not profitable, with the company’s own internal projections reportedly indicating that profitability may not come until 2030.

However, the company’s massive valuation has pushed it to pursue multiple strategies aimed at expanding revenue streams and eventually turning profitable.

On June 7, Nairametrics reported that OpenAI is planning the biggest redesign of ChatGPT since its launch in 2022, with plans to transform the chatbot into a ‘superapp’ that combines coding tools, AI agents, and third-party integrations.

The overhaul, expected to begin rolling out in the coming weeks, reflects a broader strategic shift away from OpenAI’s chatbot origins toward higher-value products capable of performing tasks for users and generating significantly more revenue in the process.