OpenAI is preparing to file confidentially for an initial public offering in the coming weeks, according to people familiar with the matter. The ChatGPT maker is working with Goldman Sachs and Morgan Stanley on the paperwork, laying the groundwork for what would be one of the largest artificial intelligence company offerings ever to hit the public markets.

The San Francisco-based company is valued at $730 billion in the private market following its latest funding round earlier this year. If a filing happens soon, an IPO could occur as soon as September. OpenAI is closely watching stock market conditions, and the timing remains flexible depending on market receptivity.

This comes amid what promises to be a blockbuster year for tech IPOs. SpaceX, Elon Musk's rocket company valued at over $1 trillion, is also preparing to go public as early as next month. Rival Anthropic has similarly taken steps toward a listing. OpenAI received a boost last week when a federal judge rejected Musk's lawsuit aimed at dismantling the company's for-profit structure.