A wave of mega tech IPOs looms, potentially exceeding the dot-com era in size. Yet Tom Lee, chairman of Bitmine Immersion Technologies and co-founder of Fundstrat, dismisses fears of a market crash.
SpaceX, Anthropic, OpenAI: Up to 6% of S&P 500 Market Cap
Lee estimates that a public listing from SpaceX alone—valued above $1.5 trillion—could become the second-largest IPO ever in inflation-adjusted terms, trailing only Saudi Aramco. Combined with Anthropic and OpenAI, the three offerings could inject trillions of dollars in new equity supply, equivalent to roughly 5% to 6% of the S&P 500’s total market capitalization.
Many worry that the 90-day lock-up expiration after the IPOs will trigger massive selling. Lee is not convinced.
The Real Buffer: Under-Allocated Pensions and Family Offices
Lee’s key argument: family offices, pensions, and high-net-worth investors currently hold historically low allocations to public equities after years of favoring private markets and alternative assets. “There is significant capital available to absorb the liquidity as allocations rotate back toward U.S. public stocks,” he said.
He also expects early investors to hedge or borrow against their holdings rather than selling immediately to avoid large tax events. This dynamic should slow actual sell pressure.
Lee also touched on crypto’s underwhelming performance relative to expectations, despite growing institutional interest. He noted that instant settlement and transaction verification are driving Wall Street toward tokenization—a point he made earlier at Consensus Miami 2026. In his view, blockchain can provide a neutral identity-verification framework for an AI-driven world. Banks are circling the industry because they see significant revenue opportunities at the convergence of crypto, AI, and finance.