[California Bets on IPO Tax Windfall: SpaceX and AI Giants' Listings Could Bring Billions in Revenue] Odaily Planet Daily reports that with the potential IPOs of SpaceX, OpenAI, Anthropic, and other tech companies approaching, California is expected to see a surge in IPO-related tax revenue. However, the actual scale and predictability of this growth remain highly uncertain. It is reported that SpaceX's listing could become one of California's historic tax revenue sources. However, due to its unique employee equity incentive structure (RSU single-trigger vesting mechanism) and long-term tax prepayment arrangements, some of the tax revenue has already been realized prior to the IPO, weakening the traditional "tax explosion upon listing" model. California's Department of Finance and Legislative Analyst's Office (LAO) pointed out that compared to Facebook's 2012 IPO, which generated approximately $1.3 billion in tax revenue, current mega IPOs theoretically have higher tax revenue potential. However, due to complex employee stock ownership structures, early sales activities, and the increased use of tax avoidance tools, actual revenue may be more dispersed and harder to predict. Overall, while California is likely to benefit from a "super IPO cycle," the tax revenue structure is shifting from "concentrated one-time bursts" to "long-term dispersed realization," making fiscal growth more volatile and uncertain. (CNBC)