OpenAI, the artificial-intelligence company behind ChatGPT, announced Monday night it had filed confidentially for an initial public offering (IPO), setting up the firm to raise fresh funds as it competes with deep-pocketed tech giants in the fast-growing AI industry.

In a post on X, OpenAI said it had not determined when the company would begin listing on public markets.

“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. 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 company said.

The move would subject the privately held company to new scrutiny from public investors and regulators, as well as ongoing financial reporting requirements. OpenAI valued itself at $852 billion after a round of funding in March.

This story will be updated shortly.