OpenAI said Monday it has confidentially filed draft IPO paperwork, giving itself the option to tap public markets — even as the company says its focus remains on building new AI products rather than preparing for a listing.Why it matters: The race is on between Anthropic and OpenAI to go public and tap investors for tens of billions of dollars.What they're saying: OpenAI has not decided on timing, adding that "it may be a while because there are things we want to do that are likely easier as a private company."The company said the filing gives it flexibility.The AI lab is working toward a tender offer that would give investors some liquidity while it remains private. OpenAI is working with Goldman Sachs and Morgan Stanley on a listing that could come as soon as this fall, Bloomberg reported. Zoom out: This comes exactly one week after OpenAI's biggest competitor, Anthropic, filed IPO paperwork, and just days before SpaceX is expected to go public. The three companies have valuations around $1 trillion, giving them all the potential to be among the largest IPOs in history. Friction point: AI excitement may be soaring, but investor dollars are finite. As more companies head to the public markets, competition for capital is only getting tougher.OpenAI could face particular investor scrutiny: the Wall Street Journal reported the AI lab missed internal revenue targets and disagreements between CEO Sam Altman and CFO Sarah Friar over the IPO timeline. Zoom in: The timing of OpenAI's SEC review could affect what Anthropic ends up disclosing, or vice versa, PitchBook's Harrison Rolfes told Axios. If OpenAI is still early in the review process and Anthropic releases extensive information first, public and regulatory attention may shift toward Anthropic. That could give OpenAI an advantage by letting it observe Anthropic's disclosures and adjust its own approach accordingly, ultimately working in OpenAI's favor.What we're watching: Whether Anthropic or OpenAI decides it has more to gain by going first.The bottom line: The AI race is beyond model advancements now. It's also a race to Wall Street.