OpenAI has confidentially filed for an initial public offering (IPO), setting the stage for what could become one of the most closely watched stock market debuts in recent years.

• The filing comes days after rival Anthropic announced plans to go public and ahead of SpaceX’s expected market debut later this week.

• OpenAI said it has not yet decided on the timing of the IPO and indicated the process could take some time.

• The company was last valued at $852 billion after raising $122 billion in March, as it continues investing heavily in AI infrastructure and computing resources.