Anthropic and OpenAI's IPOs, with combined valuations over $1.8 trillion, create many millionaires in San Francisco but provide little direct tax revenue to the city due to state law. - Anthropic's $965 billion IPO is the largest in city history, followed by OpenAI's $852 billion.
- San Francisco cannot tax income; past IPO tax proposals failed. - Economic impact will focus on real estate, local services, and startup activity.
- Housing costs are rising, and event tastes shift toward refined, connection-focused gatherings. The IPOs are unprecedented in scale, but the city's budget sees only a modest bump, with secondary effects expected to boost the local economy.