SAN FRANCISCO (AP) 鈥� ChatGPT maker filed preliminary paperwork that would open the door to it becoming a publicly traded company, making itself the third in a powerhouse trio of racing to Wall Street debuts.
The company said Monday it has filed confidential paperwork with the U.S. Securities and Exchange Commission.
鈥淲e expect it to leak so we鈥檙e just announcing it,鈥� the company said in a written statement. 鈥淲e have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it鈥檚 a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best.鈥�
OpenAI’s move follows its rival ‘s June 1 disclosure that it is also moving toward an initial public offering of shares. Both are now following Elon Musk’s space company , which has started an IPO roadshow pitching itself as an AI-focused space company.
OpenAI CEO Sam Altman first publicly floated the possibility of an IPO last fall, describing it as for the company given its size and the need for vast amounts of capital to advance its technology.
Paving the way for going public was OpenAI’s decision last year to reorganize its business structure and convert itself into a public benefit corporation even as it remains technically under the control of a nonprofit.
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