Anthropic and OpenAI IPOs set to create massive wealth, but most San Francisco workers won’t see a dime

Two of the most valuable private companies on Earth are headed for the public markets, and San Francisco is bracing for an economic sugar rush. Anthropic filed its S-1 on June 1, 2026, following a $65B funding round that valued the company at $965B. OpenAI filed roughly a week later, around June 8, though CEO Sam Altman has since ruled out a 2026 listing, citing AI safety concerns. Together, the two IPOs could unlock an estimated $198B in post-tax employee equity. That figure is large enough to theoretically purchase about 29% of all homes in the San Francisco metro area. San Francisco’s Chief Economist projects the IPOs could pump more than $10B in economic activity into the city. Anthropic is reportedly targeting a mid-October 2026 listing with an eye-watering valuation of roughly $2 trillion. OpenAI, meanwhile, has pushed its timeline to 2027 or later. Altman has framed the delay around safety considerations. Real estate is already feeling it High-end home sales in San Francisco have doubled year-over-year in certain market segments since the IPO filings were announced. Secondary market activity for pre-IPO shares in both companies has been robust, as employees and early investo...