OpenAI has confidentially filed for an initial public offering with the US Securities and Exchange Commission, taking its first formal step toward a Wall Street debut as competition in the artificial intelligence sector intensifies. The ChatGPT maker is working with Goldman Sachs and Morgan Stanley on a potential listing while also preparing a tender offer that would allow employees to sell shares ahead of the IPO.

The Sam Altman-led company said no final decision has been made on the timing of its public debut, noting that remaining private still offers greater flexibility as it continues expanding its products and infrastructure. OpenAI recently completed a massive funding round that valued the company at $852 billion and has projected spending about $600 billion on AI infrastructure by 2030.

The filing comes as rivals accelerate their own fundraising efforts. Anthropic has also confidentially filed for an IPO and recently surpassed OpenAI in private valuation, while Elon Musk’s SpaceX is preparing for its own blockbuster public offering. The wave of listings underscores the growing demand for capital as AI companies race to build more advanced models and expand their computing capacity.