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 though it could eclipse the entire dot-com boom.
Lee recently discussed the potential effect of listing SpaceX, Anthropic and OpenAI, which could release billions of dollars in new shares onto the public markets.
In inflation-adjusted terms, Elon Musk’s SpaceX alone could become the second-largest IPO ever, with a market valuation exceeding $1.5 trillion, behind Saudi Aramco.
Lee acknowledged concerns about the amount of supply these listings could introduce into public markets, particularly after standard 90-day lock-up periods expire. He noted that SpaceX is probably the most anticipated IPO of all time. Lee estimates that the three IPOs could generate billions in offerings, equivalent to about 5% to 6% of the total S&P 500 market cap.
Despite its magnitude, Lee doesn’t think the situation is necessarily purely bearish for the markets. He argues that family offices, pension funds and wealthy investors currently hold historically low allocations to public stocks after years of favoring private markets and alternative investments.
According to Lee, there is significant capital available to absorb liquidity as allocations shift back toward U.S. public equities.
He also expects many early investors to hedge or borrow against their holdings rather than selling immediately and triggering large tax events.
Lee also discussed cryptocurrency’s underperformance relative to expectations despite growing institutional interest, highlighting how instant settlement and transaction verification is driving Wall Street’s push toward tokenization, a point he previously highlighted at Consensus Miami 2026.
Furthermore, Lee believes that blockchain could provide a neutral framework for identity verification in an AI-driven world. Banks are increasingly interested in the sector as they recognize the significant revenue opportunities arising from the convergence of crypto, AI and finance, he added.
