OpenAI said it has confidentially filed a draft IPO but claimed there is no timeline to go public.
"It may be a while because there are things we want to do that are likely easier as a private company," the company noted, adding that the move gives the company flexibility.
However, Bloomberg noted that the listing could take place as soon as this fall.
Axios noted that the company could face scrutiny from investor if the IPO takes place, pointing to a report from the Wall Street Journal about missed internal revenue targets and disagreements between CEO Sam Altman and CFO Sarah Friar over the IPO's timeline.
Another report has noted that the Trump administration is discussing a government stake in the company,
CNBC noted that discussions have been going on for over a year, with OpenAI CEO Sam Altman first sharing the idea with President Donald Trump in 2025.
The agreement could see the company donate equity to the government to seed a "Public Wealth Fund," which the company outlined in a policy proposal, a person familiar with the matter told the outlet.
The fund could "invest in diversified, long-term assets," allowing all U.S. citizens to take part in the "upside" of AI growth, including by receiving funds directly.
Trump addressed the possibility last Friday, saying "there are concepts where pieces could be given to the American public, where the American public essentially becomes a partner."
OpenAI is also immersed in a race with Anthropic, which has already filed for an IPO. The move came earlier than expected and could turn it into the next one to be valued at $1 trillion.
The filing remains confidential as it undergoes revision by the Securities and Exchange Commission reviews.
"This gives us the option to go public after the SEC completes its review," the company said in a statement. "The number of shares to be offered and the price have not yet been set." NBC News noted that beating OpenAI to the market is key for the company because both companies will be seeking billions in new capital close to each other.
The development came days after the company overtook OpenAI as the world's most valuable artificial intelligence startup following a Series H round in which it raised $65 billion.
The round, which valued the company at $965 billion, was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, Axios noted. The company said the new funding will be used to expand computing capacity, scale its Claude AI products and continue safety and interpretability research.
Anthropic chief financial officer Krishna Rao said in a company statement that the funding would help it respond to growing demand for its AI products and maintain its research efforts.
