OpenAI has confidentially filed for an initial public offering (IPO), just over a week after rival Anthropic submitted its own filing. The move signals intensifying competition between the two leading AI companies as they prepare for potential public listings.

The company, last valued at $852 billion, has not disclosed details about the offering or its timing. OpenAI said it wants to preserve flexibility, noting that remaining private may still be advantageous while it continues to invest heavily in growth.

The filing comes amid booming investor interest in AI, with OpenAI, Anthropic, and SpaceX all potentially heading to public markets within a short period. However, OpenAI continues to face significant spending demands, with projections showing tens of billions of dollars in annual AI infrastructure and computing costs.

While Anthropic has presented a stronger profitability outlook, OpenAI remains one of the most sought-after private companies, with secondary market investors still showing strong demand for its shares. Analysts say the company’s IPO valuation could be influenced by how Anthropic prices its own offering.

OpenAI enters the IPO process against a backdrop of governance controversies, legal challenges, and political scrutiny. Despite these issues, the company has grown to roughly 900 million weekly active users and remains one of the most influential players in the global AI industry.