OpenAI is preparing to file for a public listing as early as this week, setting up what could become one of the largest initial public offerings in history.

The ChatGPT maker is working with Morgan Stanley, Goldman Sachs, and Cooley on a draft IPO prospectus that could be filed confidentially with US securities regulators as soon as Friday, the Wall Street Journal reported.

The offering could value OpenAI at more than $1 trillion, giving the AI lab a public market war chest as it competes with Anthropic and other rivals in the race to build and commercialize advanced AI systems. The company has already raised close to $200 billion as a private business, an unprecedented amount for a startup.

The potential filing would start the clock on a listing that could happen as soon as September, though the timeline may shift depending on market conditions. It could also depend on investor appetite after SpaceX, which is expected to list as early as June 12 at a potential $1.75 trillion valuation.

OpenAI has spent the past year removing potential obstacles to a public listing. The company converted to a for-profit structure last year, cut back on expensive side projects, and this week won a legal battle against Elon Musk, who had accused OpenAI and CEO Sam Altman of abandoning the company’s original nonprofit mission.

The legal victory clears another overhang for OpenAI as it moves closer to public markets. Musk is expected to appeal, but the ruling allows OpenAI to continue pursuing its current corporate structure and fundraising path.

A successful IPO would mark a major turning point for the AI sector, turning OpenAI from one of the world’s most valuable private companies into a publicly traded proxy for investor demand around generative AI.

It would also test whether public markets are willing to underwrite the massive capital needs of frontier AI companies, where compute spending continues to rise as competition intensifies.