Anthropic and OpenAI are preparing IPOs that could generate $198 billion in post-tax employee equity, though most San Francisco workers will not directly benefit. Anthropic filed its S-1 on June 1, 2026, following a $65 billion funding round that valued the company at $965 billion, targeting a mid-October 2026 listing at roughly $2 trillion. OpenAI filed around June 8 but CEO Sam Altman ruled out a 2026 listing, pushing the timeline to 2027 or later. San Francisco’s Chief Economist projects the IPOs could pump more than $10 billion in economic activity into the city. High-end home sales in San Francisco have already doubled year-over-year in certain market segments, but the city’s lack of a local income tax limits its ability to capture direct revenue from the concentrated wealth.
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