OpenAI has filed confidential paperwork to go public on the U.S. stock market, setting the stage for what could become one of the largest IPOs in history with a potential valuation above $850 billion.

The company said it submitted a confidential S-1 filing to the SEC, allowing regulators to review financial details before public disclosure, while noting the timing of the offering has not yet been decided.

OpenAI said going public remains a flexible option as it continues balancing strategic decisions while still operating privately.

The move follows similar IPO preparations by rival AI firm Anthropic, highlighting growing competition in the artificial intelligence sector, The Guardian has reported.

Founded in 2015 and propelled by the success of ChatGPT, OpenAI has rapidly expanded its influence across industries but has struggled to replicate its breakthrough product since its launch.