ChatGPT developer OpenAI confirmed Monday that it has confidentially filed an S-1 registration statement for a potential initial public offering, a move that formally begins the process of becoming a publicly traded company.
An S-1 is the registration document companies file with the U.S. Securities and Exchange Commission before selling shares to the public. A confidential filing allows regulators to begin reviewing the paperwork before detailed financial information is made public.
However, OpenAI said the filing should not be interpreted as a signal that an IPO is imminent.
"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 said, adding that the filing gives it "the option to go public sooner if that ends up being best."
