OpenAI said it has confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission for a potential initial public offering, a filing that would allow it to pursue a U.S. stock market listing. The company said it has not decided on timing and did not disclose the size or terms of a potential offering.

OpenAI said the confidential filing is intended to preserve flexibility while it remains focused on building AI products. The move follows rival Anthropic’s June 1 disclosure that it is also moving toward an IPO.

Media reports have previously said OpenAI has discussed a valuation of up to $1 trillion for a market debut that could come as early as September, and earlier reports said the company had been raising $110 billion at an $840 billion valuation from backers including SoftBank, Amazon and Nvidia.

OpenAI previously reorganized its business structure and converted into a public benefit corporation while remaining under the control of a nonprofit, according to prior reporting.