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 might eclipse the complete dot-com growth in scale.
Lee just lately 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, looking for a market valuation above $1.5 trillion, behind solely Saudi Aramco.
Lee acknowledged considerations in regards to the quantity of provide these listings might introduce into public markets, particularly after the usual 90-day lock-up durations 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 consider the state of affairs is essentially outright bearish for the markets. He argues that household places of work, pensions, and excessive internet value buyers at present maintain traditionally low allocations to public equities after years of favoring personal markets and various investments.
There’s important capital accessible to soak up the liquidity as allocations rotate again towards U.S. public shares, in Lee’s view.
He additionally expects many early buyers to hedge or borrow towards holdings reasonably than instantly promote and set off giant tax occasions.
Lee additionally mentioned cryptocurrency’s underperformance towards expectations regardless of rising institutional curiosity, highlighting how instantaneous 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 id verification in an AI pushed world. Banks are more and more circling the business as a result of they acknowledge the numerous income alternatives rising from the convergence of crypto, AI, and finance, he added.
