Cohere Chief Executive Aidan Gomez said the company aims to pursue an initial public offering soon. He spoke during an appearance at Bloomberg Tech in London, describing growing public market interest in dedicated artificial intelligence firms.

Gomez said investors are seeking opportunities to invest directly in AI model makers rather than through large cloud providers. He referred to companies such as Amazon and Microsoft, which supply extensive computing services for AI development.

Gomez said Cohere is also willing to consider a listing on the London Stock Exchange. He said that option depends on whether the market can provide sufficient capital for the offering.

Cohere is based in both Toronto and San Francisco. The company reached a valuation of $7 billion after a funding round completed one month earlier. It is conducting a tender process that allows employees to sell shares to outside investors.

The startup was founded in 2019. Cohere builds AI software for business customers and promotes its focus on secure systems that safeguard sensitive information. The company faces growing pressure from competitors including OpenAI and Anthropic. Those firms are also concentrating on enterprise clients and hold larger financial resources.

Cohere said annualized revenue has reached $150 million. The figure reflects sales projected over a year based on recent results. The company reported $100 million in annualized revenue in May.

Other AI developers are reporting rapid revenue increases but continue to spend heavily on chips, technical staff and data centers. Those costs support the expansion of advanced AI models. OpenAI has said it does not expect to become cash-flow positive until 2029.

Gomez said Cohere is moving toward profitability. He said the timeline is earlier than 2029 but did not provide a specific year.

Cohere recently appointed Francois Chadwick as chief financial officer. Chadwick previously served as an executive at Uber Technologies.