OpenAI has filed for a confidential initial public offering, moving it one step closer to its official market debut, the ChatGPT maker announced Monday.
“We recently filed a confidential S-1. We are only announcing it because we anticipate a leak,” OpenAI said in a statement published Monday on its website. “We haven’t decided on the timing yet. It may take a while because there are things that we think are easier to do as a private company. But it’s a complex trade-off, and we also have the option of going public sooner if that’s what’s best in the end.”
The listing will allow OpenAI, valued at $852 billion, to inject more cash into its business as the AI arms race intensifies.
SpaceX, which owns Elon Musk’s artificial intelligence company xAI, recently filed for its own IPOincluding plans to expand AI computing capabilities. The rocket maker’s shares are scheduled to begin trading on Friday, in what is set to be the largest IPO in history.
Anthropic, the AI company that supports Claude, also own IPO last week.
By filing confidential documents, OpenAI will be able to gather private feedback from regulators before submitting public documents to the Securities and Exchange Commission. The filing, known as an S-1, will include details about the AI company’s finances and specify its investment plans.
OpenAI’s application came just weeks after the judge’s ruling. I spat it out Musk’s lawsuit against the company could derail its IPO plans. Musk and Altman founded OpenAI together in 2015.
