OpenAI confidentially files for potential IPO

U.S. artificial intelligence company OpenAI said on Monday it had confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC), taking an initial step toward a potential initial public offering.

The company said in an announcement that it has not decided on the timing of any public listing. The filing gives OpenAI the option to go public sooner if that ends up being in its best interest.

OpenAI said the announcement was made pursuant to Rule 135 under the Securities Act of 1933, and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any future securities offering would be made only by means of a registration statement filed with the SEC.

The move comes as leading artificial intelligence companies face growing capital needs for computing infrastructure and product development.