Tom Lee, chairman of Bitmine Immersion Technologies and co-founder of Fundstrat, doesn’t expect the coming wave of mega IPOs to derail markets, even though they could eclipse the entire dot-com boom in scale.
Lee recently discussed the potential impact of SpaceX, Anthropic and OpenAI listings, which could release trillions of dollars in new equity supply to public markets.
In inflation-adjusted terms, Elon Musk’s SpaceX alone could become the second-largest IPO ever, seeking a market capitalization of over $1.5 trillion, behind only Saudi Aramco.
Lee acknowledged concerns about the amount of supply these listings could introduce to public markets, especially after standard 90-day lock-up periods expire. Noting that SpaceX is likely the most anticipated IPO ever, Lee estimates that the three IPOs could generate trillions in offerings, equivalent to about 5% to 6% of the S&P 500’s total market capitalization.
Despite the scale, Lee doesn’t think the situation is necessarily outright bearish for the markets. He argues that family offices, pensions and high-net-worth investors currently have historically low allocations to public stocks after years of favoring private markets and alternative investments.
There is significant capital available to absorb the liquidity as allocations rotate back toward US public stocks, in Lee’s view.
He also expects many early investors to hedge or borrow against holdings rather than immediately sell and trigger big tax events.
Lee also discussed the cryptocurrency’s underperformance against expectations despite growing institutional interest, highlighting how instant settlement and transaction confirmation are driving Wall Street’s push toward tokenization, a point he previously made at Consensus Miami 2026.
Lee also believes that 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 crypto, AI and finance, he added.
