- < img src="https://www.redfin.com/news/wp-content/uploads/2026/07/mauro-lima-z_t3F1mFsxI-unsplash-scaled.jpg" alt=""> A brand-new Redfin analysis has a look at how much Bay Area realty OpenAI and Anthropic staff members could hypothetically buy with their IPO earnings, in the wake of 2 enormously valuable AI companies submitting in complete confidence to go public.
- OpenAI workers could purchase 20% of all homes in San Francisco, or 15% of all homes in San Jose.
- Anthropic staff members could buy almost 1 of every 10 homes in San Francisco, or about 7% of Oakland’s real estate.
With the wealth produced through the 2 massive AI public offerings coming down the pipeline, present and previous workers of OpenAI and Anthropic might buy nearly one-third (29%) of all homes in San Francisco, where both business are headquartered. That’s not simply homes noted for sale– it’s 29% of all homes in the entire city location.
Here’s a breakdown of the estimated wealth created by each IPO, and how much Bay Area real estate staff members might buy:
OpenAI
- With the wealth developed through OpenAI’s anticipated IPO, existing and previous employees could hypothetically pool their money to purchase an approximated 20% of all homes in the San Francisco metro location.
- Additionally, they could buy an approximated 15% of all homes in the San Jose metro, or 15% of all homes in the Oakland city.
- We estimate that existing and former employees have roughly $135 billion in OpenAI equity post-taxes, and the overall worth of all homes in San Francisco was $692 billion as of 2024. The overall worth of all homes in San Jose was $872 billion, and all the homes in Oakland were worth $894 billion.
Anthropic
- With the wealth produced through Anthropic’s upcoming IPO, present and former workers might buy an approximated 9% of all homes in San Francisco.
- Additionally, they might purchase approximately 7% of all homes in San Jose, or 7% of Oakland’s real estate.
- Our quote of present and former employee equity in Anthropic is $63 billion, post-tax.
OpenAI is reportedly targeting an appraisal around $1 trillion. OpenAI’s worker equity stake is relatively well-documented: the business has currently granted approximately $80 billion in vested equity to staff members, and has set aside an extra $50 billion worker stock grant swimming pool, indicating worker equity accounts for roughly 26% of the business, or approximately $260 billion at a $1 trillion evaluation; for this report, we’re using broad tax presumptions and approximating staff member equity is $135 billion, post-taxes. Anthropic is reportedly targeting a public listing at a valuation around $965 billion to $1 trillion. Anthropic’s staff member equity stake is not publicly divulged, so we approximate it at 10%– 15% of overall shares– constant with equivalent late-stage tech IPOs– implying a midpoint of roughly $120 billion in employee equity, or $63 billion post-taxes. See the end of this report for more on approach.
The AI Boom Is Currently Impacting the Bay Area Housing Market
San Francisco home costs are currently growing at their fastest pace in nearly a years as the AI boom drives a rise in demand, even before OpenAI and Anthropic go public.
So far, AI’s impact on the regional market is driven primarily by substantial incomes and signing perks. But when the companies go public, present and previous staff members– and financiers– will make a lot more cash. While the computations in this report are purely theoretical and not a realistic representation of where IPO earnings will go, they illustrate the substantial scale of wealth being created in the Bay Area.
SpaceX Worker Might Buy Half of San Antonio With Their IPO Revenues
SpaceX workers might hypothetically pool their IPO windfall to purchase roughly 40% of all the homes in San Antonio, one of the closest significant metros to the company’s Starbase, TX headquarters, according to a different Redfin report. The total value of all homes in San Antonio was approximately $297 billion in 2024; we approximate SpaceX workers hold roughly $200 billion in equity at the midpoint of our 10– 15% ownership price quote, which comes to $120 billion post-taxes.
Approach
OpenAI and Anthropic appraisals are drawn from business statements, SEC filings, and reporting from the Wall Street Journal, Reuters, and Fortune. OpenAI is targeting a listing at a valuation above $1 trillion in late 2026 or 2027; Anthropic confidentially filed its S-1 on June 1, 2026, at a $965 billion valuation, as early as fall 2026.
OpenAI’s staff member equity price quote of ~$260 billion (26% of overall equity at a $1 trillion valuation) is based upon reporting by The Info and Reuters, which disclosed approximately $80 billion in vested staff member equity plus a $50 billion stock grant swimming pool. This is a reported figure, not a model. After applying estimated income taxes, we estimate OpenAI employees would net a total of roughly $135 billion in after-tax earnings. That is a broad figure, as taxes depend upon state, stock type and many other factors.
Anthropic’s staff member equity price quote of ~$120 billion (10– 15% midpoint) is modeled by deducting known large stakeholders– Amazon (~ 15– 17%), Google (~ 14%), and other institutional investors– from the overall appraisal and applying typical worker equity ranges from comparable late-stage tech IPOs. After applying approximated income taxes, we estimate Anthropic staff members would net a total of roughly $63 billion in after-tax proceeds. That is a broad figure, as taxes depend on state, stock type and numerous other aspects.
Overall housing market values for the San Francisco, San Jose, and Oakland metro locations are from a Redfin report on U.S. real estate market price as of December 2024. All real estate comparisons are illustrative and designated to convey scale just.
Essential cautions: Neither IPO has been officially priced or set up. All wealth figures reflect paper value at IPO prices– employees face lockup periods of as much as 180 days, and tax rates might reduce earnings by even more than we have actually approximated. The Anthropic employee equity figure is a modeled estimate and might differ materially from the real number.