SAN FRANCISCO, California: OpenAI has confidentially filed for a U.S. initial public offering, becoming the latest artificial intelligence company to move toward a stock market debut as investor demand for AI-related investments continues to surge.

The company behind ChatGPT announced on June 8 that it had submitted IPO paperwork but did not disclose the size, timing, or terms of a potential offering.

"It may be a while because there are things we want to do that are likely easier as a private company," OpenAI said in a statement.

The filing comes days after rival Anthropic disclosed that it had also confidentially filed for a U.S. IPO, setting the stage for a wave of blockbuster listings from leading AI companies.

It was previously reported that OpenAI is targeting a valuation of up to US$1 trillion in an offering that could take place as early as September.

If achieved, that valuation would place OpenAI among a group of rapidly emerging trillion-dollar AI companies heading toward public markets. SpaceX, led by Elon Musk, has already filed for what could become the largest IPO in history, seeking to raise $75 billion at a valuation of $1.75 trillion.

Anthropic, the developer of the Claude AI assistant, said on June 1 that it had filed confidentially for an IPO after raising $65 billion in a funding round that valued the company at $965 billion.

"OpenAI is keeping options open as Anthropic edged ahead with its filing after a monster funding round," said Michael Ashley Schulman, a partner at Cerity Partners.

The IPO filing marks another milestone in the rapid rise of artificial intelligence as a dominant force in the technology sector and financial markets.

Earlier this year, OpenAI said it was raising $110 billion at an $840 billion valuation from investors that included SoftBank, Amazon, and Nvidia. At the time, the company reported that ChatGPT had more than 900 million weekly active users and over 50 million consumer subscribers.

OpenAI also disclosed in March that it was generating $2 billion in monthly revenue, compared with roughly $1 billion in quarterly revenue at the end of 2024.

The company has expanded significantly since receiving early backing from Microsoft, which has invested $13 billion since 2019. OpenAI recently renegotiated its relationship with Microsoft, allowing it to pursue additional partnerships with companies such as Amazon and Google.

Despite its rapid growth, OpenAI told investors during its latest fundraising round that it does not expect to become profitable until 2030, according to a source familiar with the matter.

The filing also follows the resolution of a legal challenge brought by Musk, who accused OpenAI of abandoning its original nonprofit mission. A U.S. jury ruled against Musk in May, removing what analysts described as a significant legal overhang ahead of a potential IPO.

While OpenAI and Anthropic prepare for public listings, some analysts have cautioned that the large offerings could absorb capital that might otherwise flow to smaller IPOs.

"What OpenAI does not want is for the public market capital to exhaust itself," said Gil Luria, managing director of D.A. Davidson.