OpenAI and Anthropic file IPO paperwork as employees face equity and tax decisions

OpenAI and Anthropic have filed paperwork to go public, converting private valuations near $1 trillion into publicly traded shares. Employees at both companies hold equity that has grown rapidly.

Lock-up periods and cash access Companies and underwriters typically impose lock-up periods that prevent employees from selling shares immediately after an IPO. If Anthropic lists in October, employees may wait until April to sell. Financial planners advise clients to track vesting schedules and tax credits already incurred from stock options.

Tax planning strategies California levies the highest state income tax rate in the United States, and federal rates rise sharply on large one-time gains. OpenAI has issued Profit Participation Units that are converting to regular shares; Anthropic has distributed Restricted Stock Units, Non-Qualified Stock Options, and Incentive Stock Options.

Advisors note that exercising Incentive Stock Options can trigger Alternative Minimum Tax, which may later serve as a credit. Other options include opportunity-zone investments, donor-advised funds, and maximizing 401(k) contributions in the IPO year.

Housing and diversification Some employees are considering home purchases in the San Francisco Bay Area before shares become liquid. Planners caution that bidding may intensify if multiple workers gain simultaneous access to cash. Advisors generally recommend diversification once shares are tradable and suggest treating equity value as illiquid until taxes and lock-ups are resolved.