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Headline numbers (all formulas — change Assumptions to flex)
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PRIVATE: valuation gain across list ($B)$2,619
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PRIVATE: employee wealth created, all geographies ($B)$524
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PRIVATE: Bay Area employee wealth ($B)$301
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PRIVATE: Bay Area people incl. alumni26,470
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PRIVATE: average per Bay Area person ($M)$11.4
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PRIVATE: Anthropic + OpenAI share of Bay Area wealth71%
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PUBLIC: market cap gain since ChatGPT ($B)$11,574
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PUBLIC: equity vested in window, current value if held ($B)$583
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PUBLIC: Bay Area share of that ($B)$146
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PUBLIC: Bay Area people incl. alumni146,715
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PUBLIC: average per Bay Area person ($M)$0.99
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COMBINED: Bay Area employee wealth ($B)$447
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COMBINED: Bay Area people173,185
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DISTRIBUTION: Bay Area people ≥ $100M (paper, pre-tax)415
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DISTRIBUTION: Bay Area people $10M–100M5,995
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DISTRIBUTION: Bay Area people $1M–10M40,091
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DISTRIBUTION: Bay Area people $100K–$1M105,122
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DISTRIBUTION: below $100K floor (excluded from charts)20,000
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DISTRIBUTION: Bay Area people at $100K+ (chart total)151,622
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Caveat: averages hide a power law. In OpenAI's Oct 2025 tender, ~75 of 600+ sellers (12%) hit the $30M cap and took at least a third of the $6.6B. Araki estimates ~1% of frontier-lab employees become centi-millionaires.
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