New Delhi, June 9 -- OpenAI, the creator of ChatGPT, confidentially filed for an initial public offering IPO on Monday. The move positions the artificial intelligence firm for a highly anticipated stock market debut. It also sets up a substantial payout for the company's early financial backers.

OpenAI confirmed the submission of the paperwork in a statement. The company decided to share the news proactively due to expectations of public exposure regarding the regulatory filings.

"We recently submitted a confidential S-1," OpenAI said in an official statement. "We expect it to leak so we're just announcing it."

The tech firm indicated that the exact timeline for transitioning to a publicly traded entity remains open. Internal business ...