OpenAI takes the first step to go public and prepares for one of the most anticipated IPO debuts of the decade

OpenAI took a major step Tuesday toward becoming a publicly traded company by confidentially filing the necessary paperwork for an initial public offering (IPO), positioning itself for what could become one of the most anticipated stock market debuts in recent years. While OpenAI confirmed the filing of the documents, the company has not set a timetable for the offering. Because the filing was made on a confidential basis, details such as the number of shares to be sold and the valuation the company is seeking to achieve are not yet known.

The decision comes shortly after its main competitor in the artificial intelligence sector, Anthropic, also announced plans to go public, and just ahead of SpaceX. "It may take some time because there are things we want to do that are probably easier as a private company. But the filing gives us the option to go public sooner if that ends up being the best thing to do," OpenAI said in a release issued to its newsroom.

The filing comes at a time when some investors have begun to question whether AI-related stocks have risen too quickly after the market's prolonged rally. According to various reports, OpenAI reached a valuation of close to $852 billion after raising $122 billion in funding earlier this year. However, the company faces mounting pressure to prove that its revenues can justify such a lofty valuation.

OpenAI recently scored a court victory when a lawsuit filed by Elon Musk was dismissed due to restrictions related to the legal deadline for filing. Had it succeeded, the case could have triggered major changes in the company's management just before its expected IPO.

Despite its rapid growth, OpenAI continues to face significant challenges. The company competes aggressively with rivals such as Anthropic and Google, faces lawsuits related to alleged misuse of ChatGPT and must contend with growing public concerns surrounding artificial intelligence.