OpenAI said Monday it has taken a formal step toward a potential stock market debut, signaling that the artificial intelligence company is preparing for the possibility of becoming a publicly traded firm.

The move gives OpenAI flexibility to pursue an initial public offering in the future, though the company indicated no final decision has been made on whether or when shares would begin trading publicly.

“We recently submitted a confidential S-1. We expect it to leak so we’re just announcing it,” OpenAI said in a statement Monday. “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 added that the announcement does not constitute an offer to sell securities and that any future offering would be conducted in accordance with federal securities laws.

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A confidential S-1 filing allows companies to begin the IPO process with the Securities and Exchange Commission without immediately disclosing detailed financial information to the public. The filing is often viewed as an important milestone for companies considering a future public listing.

FOX Business previously reported that OpenAI was targeting a public offering as early as September and had been working with Goldman Sachs and Morgan Stanley on a draft IPO prospectus, according to a Reuters report at the time.

The Sam Altman-led company has emerged as one of the dominant forces in artificial intelligence following the launch of ChatGPT, helping ignite a wave of investment and competition across the technology sector.

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OpenAI has since expanded its lineup of AI products for consumers and businesses while attracting billions of dollars in funding.

Reuters previously reported that OpenAI had been laying the groundwork for a public listing that could value the company at up to $1 trillion, underscoring the enormous investor appetite for AI-related businesses.

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The announcement comes as Wall Street closely watches the next generation of AI companies for signs they may enter public markets.

Earlier this month, rival Anthropic disclosed that it had confidentially filed for a U.S. initial public offering, potentially setting the stage for a high-profile race between two of the industry’s biggest players.

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While OpenAI stressed that no timeline has been finalized, Monday’s disclosure signals the company is keeping its options open as it weighs the benefits of remaining private against the opportunities that come with a public listing.

FOX Business’ Eric Revell and Reuters contributed to this report.