OpenAI has confidentially filed an S-1 registration with the SEC, taking the first formal step toward an IPO. There's no set timeline, and the company calls it "a complicated set of tradeoffs." Rival Anthropic recently filed its own IPO paperwork, which likely adds to the pressure.

OpenAI said it has not decided exactly when the IPO would take place.

ChatGPT maker OpenAI says it has filed paperwork for an IPO but may remain private while it pursues other priorities.

OpenAI files confidential IPO paperwork with SEC, opening door to potential listing as AI race heats up with rivals like Anthropic and SpaceX.