Fundstrat co-founder Tom Lee believes that a massive wave of upcoming IPOs from companies like SpaceX, Anthropic, and OpenAI could inject trillions of dollars into public markets—but he argues the supply is unlikely to destabilize equities.
Now serving as chairman of Bitmine Immersion Technologies, Lee said the scale of these listings could rival—or even surpass—the dot-com era. Still, he expects markets to absorb the influx without major disruption.
He pointed out that a potential IPO from SpaceX alone could rank among the largest in history, with an estimated valuation exceeding $1.5 trillion—second only to Saudi Aramco when adjusted for inflation.
Lee acknowledged concerns about the sheer volume of equity supply, particularly after typical post-IPO lock-up periods expire. He estimates that combined listings from SpaceX, Anthropic, and OpenAI could represent roughly 5% to 6% of the total market capitalization of the S&P 500.
Despite this, Lee does not view the situation as bearish. He argues that major investor groups—including family offices, pension funds, and high-net-worth individuals—are currently underexposed to public equities after years of favoring private markets and alternative assets. This, he says, creates a strong pool of capital ready to rotate back into U.S. stocks and absorb new issuance.
Additionally, Lee expects many early investors to avoid immediate selling, instead opting to hedge positions or borrow against holdings to minimize tax liabilities.
Beyond equities, Lee also touched on the evolving role of digital assets. Despite rising institutional adoption, he noted that cryptocurrencies have underperformed expectations. However, he emphasized that innovations like instant settlement and real-time transaction verification are accelerating Wall Street’s interest in tokenization—an idea he previously highlighted at Consensus Miami 2026.
Looking ahead, Lee suggested blockchain technology could serve as a neutral infrastructure for identity verification in an increasingly AI-driven world. He added that banks are paying closer attention to the space, recognizing growing revenue opportunities at the intersection of crypto, artificial intelligence, and traditional finance.
