OpenAI, the company behind ChatGPT, has unveiled plans to sell shares to the public through an initial public offering (IPO), following in the footsteps of rival AI firm Anthropic. Both companies are part of a wave of tech giants aiming for public listings, alongside SpaceX.

The move comes amid a vast need for capital as these firms invest heavily in AI infrastructure and model training. OpenAI’s recent valuation stands at $852bn, while Anthropic is valued slightly higher at $965bn. Despite the hefty price tags, neither firm has set an exact timeline for their IPOs.

OpenAI's CEO Sam Altman expressed no urgency in going public, stating that a listing would occur 'when it makes sense'. However, both firms are keen to debut first, as their performances could shape expectations for other AI companies. Investors and analysts closely watch these listings, seeing them as indicators of the broader generative AI space’s potential.

The most costly aspect of running an AI company is compute, with OpenAI's estimated annual costs exceeding $100bn. SpaceX, another player in this race, remains far from profitability, while Anthropic expects to turn a profit by the end of 2023.