Tom Lee believes a looming wave of blockbuster IPOs from SpaceX, Anthropic, and OpenAI could flood public markets with trillions in new equity—but he does not see it as a risk to overall market stability.
Lee, who also chairs Bitmine Immersion Technologies, said the scale of these potential listings could rival the dot-com boom and possibly surpass it. Even so, he expects investors to absorb the new supply without triggering major disruption.
He highlighted SpaceX as a standout, suggesting it could seek a valuation north of $1.5 trillion, making it one of the largest IPOs ever—second only to Saudi Aramco when adjusted for inflation.
Lee acknowledged that concerns around supply are valid, particularly once post-IPO lock-up periods expire and additional shares hit the market. He estimates that combined issuance from these companies could equal roughly 5% to 6% of the total market value of the S&P 500.
However, he maintains that the setup is not inherently bearish. According to Lee, institutional and wealthy investors—including pensions, family offices, and high-net-worth individuals—remain underallocated to public equities after years of shifting capital into private markets and alternative assets. This, he argues, creates room for significant capital rotation back into equities to meet the incoming supply.
He also noted that early backers are unlikely to rush for the exits, instead opting to hedge positions or borrow against their holdings to avoid immediate tax consequences.
Beyond equities, Lee touched on digital assets, noting that cryptocurrencies have not yet met expectations despite increasing institutional adoption. Still, he emphasized that capabilities like instant settlement and real-time verification are accelerating Wall Street’s interest in tokenization—a theme he previously discussed at Consensus Miami 2026.
Looking ahead, Lee suggested blockchain technology could become a neutral layer for identity verification in an AI-driven future. He added that banks are increasingly exploring the space as they identify new revenue opportunities emerging at the intersection of crypto, artificial intelligence, and traditional finance.
