OpenAI, the creator of ChatGPT, has taken initial steps towards becoming a publicly listed company, joining a trio of leading artificial intelligence firms racing towards Wall Street debuts. The San Francisco-headquartered company announced on Monday that it has submitted confidential paperwork to the U.S. Securities and Exchange Commission (SEC).

While the timing for the potential IPO remains undecided, OpenAI acknowledged the possibility of going public sooner due to strategic considerations. The move follows a similar disclosure by rival company Anthropic about its plans for an IPO. This development aligns with SpaceX, the rocket company led by Elon Musk, which is also exploring a public listing with a focus on AI-driven space technology.

OpenAI’s CEO, Sam Altman, hinted at the likelihood of an IPO last year, citing the company’s size and the significant capital required for advancing its technology. Initially established in 2015 as a nonprofit organization dedicated to AI development for societal benefit, OpenAI is now valued at $852 billion US.

Analysts suggest that OpenAI faces challenges from competitors like Google and Anthropic, particularly in the chatbot sector. The company’s shift towards a public benefit corporation structure last year paved the way for potential public listing despite remaining technically under nonprofit control.

A recent legal victory against Musk, who sought to contest OpenAI’s business transformation, has also cleared obstacles for the company. While financial specifics are yet to be disclosed, OpenAI, like its peers, is grappling with substantial costs amid intense competition in the AI industry.

OpenAI’s CFO, Sarah Friar, emphasized the importance of preparedness for a public offering, highlighting the benefits of tapping into larger public markets. Altman, in a separate statement, outlined the company’s vision to democratize AI technology, aiming to provide universal access to advanced AI capabilities.

The broader economic implications of AI technology have spurred discussions around public ownership stakes in AI companies like OpenAI, with notable figures like Bernie Sanders and Donald Trump weighing in on the debate.