OpenAI confidentially filed for an IPO on Monday, one week after rival Anthropic and ahead of SpaceX’s expected public debut Friday, setting up a trio of potential trillion-dollar US tech debuts.

Valued at more than $850 billion, the Sam Altman-led firm jumped to the front of the AI race in 2022 with its release of ChatGPT; it has since faced stiff competition from Anthropic’s Claude and Google’s Gemini, as well as Elon Musk’s SpaceX, which merged with xAI in February and is poised to launch the largest IPO ever.

OpenAI, having raised more than $180 billion, continues to burn cash. It leads in user count, but recently announced new tools for corporate customers — widely viewed as an admission that Anthropic’s enterprise push has been successful.