Tom Lee, chairman of Bitmine Immersion Applied sciences and co-founder of Fundstrat, doesn’t count on the approaching wave of mega IPOs to derail markets even when they may eclipse the complete dot-com increase in scale.
Lee not too long ago mentioned the potential impact of SpaceX, Anthropic, and OpenAI itemizing which might unleash trillions of {dollars} in new fairness provide into public markets.
In inflation adjusted phrases, Elon Musk’s SpaceX alone might develop into the second largest IPO ever, in search of a market valuation above $1.5 trillion, behind solely Saudi Aramco.
Lee acknowledged issues in regards to the quantity of provide these listings might introduce into public markets, particularly after the usual 90-day lock-up intervals expire. He famous that SpaceX is probably going probably the most anticipated IPO ever, Lee estimates the three IPOs might generate trillions in provide, equal to roughly 5% to six% of the S&P 500’s whole market capitalization.
Regardless of the size, Lee doesn’t imagine the state of affairs is essentially outright bearish for the markets. He argues that household workplaces, pensions, and excessive web value traders at the moment maintain traditionally low allocations to public equities after years of favoring personal markets and different investments.
There’s vital capital obtainable to soak up the liquidity as allocations rotate again towards U.S. public shares, in Lee’s view.
He additionally expects many early traders to hedge or borrow in opposition to holdings reasonably than instantly promote and set off giant tax occasions.
Lee additionally mentioned cryptocurrency’s underperformance in opposition to expectations regardless of rising institutional curiosity, highlighting how prompt settlement and transaction verification are driving Wall Road’s push in the direction of tokenisation, a degree he beforehand made at Consensus Miami 2026.
Moreover, Lee believes blockchain might present a impartial framework for identification verification in an AI pushed world. Banks are more and more circling the trade as a result of they acknowledge the numerous income alternatives rising from the convergence of crypto, AI, and finance, he added.