Another blockbuster could be in the works for Wall Street as the company behind the ChatGPT app moved to join two other artificial intelligence firms in looking to become a publicly traded company.

Big picture view:

On Monday, OpenAI filed confidential paperwork with the Securities and Exchange Commission to make its public debut. The company announced the move, saying it expected that the news would leak anyway.

What they’re saying:

“We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company,” the company wrote in its statement. “But it’s a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best.”

The other side:

Last Monday, fellow artificial intelligence giant Anthropic, the company behind Claude, filed its confidential paperwork to begin the march toward its own initial public offering. 

They both follow SpaceX, which moved forward with its IPO in late May and was expected to begin its roadshow last week. In addition to its Starlink and space-based ventures, the company, which is led by CEO Elon Musk, also owns the artificial intelligence firm xAI, as well as the social media giant X, the company formerly known as Twitter. 

Dig deeper:

Last year, OpenAI CEO Sam Altman stated going public was the most likely way forward for the company because of its size and the need to raise large amounts of money to advance the technology. Before starting the process of being a publicly traded company, OpenAI reorganized itself and converted into a public benefit corporation, one that is run by a non-profit organization.