ChatGPIT owner OpenAI said on Monday it has filed paperwork with the Securities and Exchange Commission to launch an initial public offering (IPO).
“This may take some time because there are things we want to do that are easier than a private company could do,” the artificial intelligence company said in a statement.
Monday’s announcement comes just a week after rival Anthropic, a maker of cloud AI, and days before Elon Musk’s SpaceX, which merged with his XAI company in February, is set to hit the public markets.
AI company is racing to take on Wall Street
An IPO allows investors to buy shares in a company for the first time and is one of the fastest ways for companies to raise capital.
Reuters reports that OpenAI is targeting a valuation of up to $1 trillion (€867 billion) in a stock market debut, which could happen as early as September, but the company did not disclose the size or terms of the offering and said it had “not yet decided on the timing” for any listing.
Like Anthropic and SpaceX, OpenAI is losing money due to the high cost of building AI.
Anthropic, which was valued at $965 billion last month after a $65 billion funding round, is now ahead of OpenAI, which was last valued at $852 billion in March.
It appears both companies are ready to follow SpaceX to Wall Street. SpaceX, which has absorbed Musk’s XAI Labs, could begin trading as early as Friday at a valuation of about $1.75 trillion, the largest IPO on record.
Edited by: Felix Tamsut
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