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…