Tom Lee, president of Bitmine Immersion Technologies and co-founder of Fundstrat, doesn’t expect the next wave of mega IPOs to derail markets, even if they could dwarf the entire dotcom boom in scale.
Lee recently discussed the potential effect of the listings of SpaceX, Anthropic and OpenAI, which could unlock trillions of dollars in new stock offerings in the public markets.
In inflation-adjusted terms, Elon Musk’s SpaceX could single-handedly become the second-largest initial public offering in history, seeking a market valuation north of $1.5 trillion, behind only Saudi Aramco.
Lee acknowledged his concerns about the amount of supply these listings could introduce to public markets, especially after standard 90-day lockup periods expire. He noted that SpaceX is probably the most anticipated IPO in history; Lee estimates that the three IPOs could generate trillions in supply, equivalent to approximately 5% to 6% of the S&P 500’s total market capitalization.
Despite the magnitude, Lee does not believe the situation is necessarily bearish for the markets. It argues that family offices, pensions and high-net-worth investors currently maintain historically low allocations to public stocks after years of favoring private markets and alternative investments.
In Lee’s view, there is significant capital available to absorb liquidity as allocations shift toward U.S. public equities.
He also expects many early investors to hedge or borrow against their holdings rather than selling them immediately and triggering big tax events.
Lee also discussed how cryptocurrencies are underperforming against expectations despite growing institutional interest, highlighting how instant settlement and transaction verification are driving Wall Street’s push toward tokenization, a point he previously raised at Consensus Miami 2026.
Additionally, Lee believes blockchain could provide a neutral framework for identity verification in an AI-driven world. Banks are increasingly circling the industry because they recognize the significant revenue opportunities arising from the convergence of cryptocurrencies, artificial intelligence and finance, he added.
