In nearly 2 decades of leading philanthropy at the Milken Institute, I’ve never seen a tidal wave like the one that’s coming

There is a third wave of philanthropy coming to shore.

It could be the tide that lifts society’s most important boats, but it will take understanding the currents, careful navigation, courage, and community.

In 2026, the world witnessed the largest initial public offering in history when SpaceX raised $75 billion, achieving a $1.77 trillion valuation.

But those massive figures may soon be eclipsed.

The two leading artificial intelligence labs, Anthropic and OpenAI, are both racing to IPO in the coming months, each with estimated valuations of at least $1 trillion.

The massive valuations of AI labs mean that thousands of tech workers are suddenly becoming wealthy.

It’s estimated an additional $37 billion will flow to the philanthropy sector annually.

The question before these tech employees should not be what this wealth can buy, but rather what it can do.

In my nearly two decades of leading strategic philanthropy at the Milken Institute, I have spent ample time with philanthropists, their families, and financial advisors, helping identify how their wealth could be used amid economic booms and busts.

Just last year, I spent time interviewing several ultra-high-net-worth families as they grappled with how to transition their legacy of giving to the next generation.

What I’ve come to learn is that philanthropic potential has never been greater than it will soon be.

In 2026 alone, US charitable giving rose to $617 billion .

This new capital only has a track record of exponential growth.

If used strategically, it can be leveraged to unlock $1.5 trillion in catalytic capital or guide trillions in annual government funding.