Anthropic and OpenAI are preparing public-market offerings that could release an estimated $198 billion in post-tax employee equity and generate more than $10 billion in economic activity for San Francisco. Anthropic filed its S-1 on June 1, 2026, after a $65 billion funding round valued the company at $965 billion, and is reportedly targeting a mid-October listing at roughly $2 trillion. OpenAI filed around June 8 but CEO Sam Altman has ruled out a 2026 listing, citing AI safety concerns, pushing the timeline to 2027 or later. Anthropic’s implied valuation on Hyperliquid has reached roughly $2.15 trillion, while pre-IPO share activity and high-end home sales have strengthened. San Francisco’s limited ability to capture direct tax revenue reflects the absence of a local income tax, leaving spending, hiring and business formation as the main channels for the projected economic benefit. Anthropic is also preparing a $15 billion credit facility to support continued investment in compute infrastructure and model development.