OpenAI has confidentially filed for an initial public offering with the US Securities and Exchange Commission, giving the ChatGPT maker the option to go public as artificial intelligence companies race to fund increasingly expensive growth plans.

The Sam Altman led company is working with Goldman Sachs and Morgan Stanley on a potential listing that could come as soon as the fall, according to a Bloomberg report. OpenAI said it has not decided on timing and may remain private for longer, noting that some priorities may be easier to execute away from public markets.

The filing comes as OpenAI faces intensifying competition from Anthropic and Google, while the cost of building frontier AI systems continues to rise.

OpenAI triggered the generative AI boom with the release of ChatGPT in late 2022, but the company is now competing in a more crowded market as rivals push deeper into enterprise tools, coding agents, and infrastructure heavy products.

Anthropic has become one of OpenAI’s most important challengers. The Claude maker has also confidentially filed for a US IPO and recently raised $65 billion at a $965 billion post money valuation, surpassing OpenAI’s latest reported valuation of $852 billion.

Its rise has increased pressure on OpenAI to secure long term funding as investors look for exposure to the companies expected to dominate the next phase of AI adoption.

OpenAI has already raised $122 billion from investors to support its expansion. The company has also told investors it expects to spend roughly $600 billion on AI infrastructure by 2030, underscoring the scale of capital required to buy chips, build data centers, and train more advanced models.

A public debut would give OpenAI access to a deeper pool of capital, but it would also expose the company to greater scrutiny over its financial performance, product strategy, and executive turnover.

OpenAI has reportedly missed some internal revenue and user growth targets, while several senior executives have departed or stepped back from their roles.

The potential listing would also add another front to the rivalry between Altman and Elon Musk. SpaceX is reportedly targeting an IPO later this week that could raise more than $75 billion at a valuation above $2 trillion, setting up a wave of mega listings across AI, space, and infrastructure companies.