OpenAI has taken a significant step towards going public by filing a confidential S-1 form with the U.S. Securities and Exchange Commission. The announcement came shortly after Anthropic revealed its own plans for an IPO. OpenAI stated that while they have not set a date or offer price for the initial public offering, they are preparing for potential leaks of their filing. The company emphasized that remaining private may allow them to achieve certain goals more easily, though they also want the flexibility to go public if it proves advantageous. As the IPO process unfolds, financial analysts will gain access to OpenAI's financial records. Recent reports indicate that OpenAI has achieved an impressive $25 billion in annualized revenue as of February. However, the company faces significant projected costs, potentially amounting to $115 billion through 2029, primarily due to compute expenses, which raises questions about its path to profitability.