The IPOs of SpaceX, OpenAI and Anthropic could create a tax windfall for the state of California. But experts say the revenue impact may be blunted.

SpaceX, OpenAI, and Anthropic could generate billions in California taxes. But single-trigger RSUs, tender offers, and buy-borrow-die strategies are limiting the take.

The IPOs of SpaceX, OpenAI and Anthropic could create a tax windfall for the state of California. But experts say the revenue impact may be blunted.