OpenAI, the creator of ChatGPT, announced Monday afternoon that it has confidentially filed for an initial public offering. This move comes just a week after its main rival, Anthropic, also filed to go public, intensifying the race between the two artificial intelligence firms.
The filing lands days before SpaceX is set to go public, contributing to a trio of highly anticipated listings that could potentially reach trillion-dollar valuations. This series of moves serves as a key test of investor appetite for high-growth tech stocks as investors seek exposure to the artificial intelligence boom.
Currently valued at $852 billion, OpenAI intends to use the public offering to inject more cash into its business and raise billions to fund ambitious growth plans. The AI leader has informed investors of plans to spend approximately $600 billion on AI infrastructure by 2030.
While the company has submitted its confidential S-1 filing, OpenAI noted that it may be a while before it officially goes public. The company has not yet determined a specific timeline and did not disclose the size or terms of the offering.