Tom Lee believes an incoming wave of blockbuster IPOs led by SpaceX, Anthropic, and OpenAI could release trillions of dollars in new equity into public markets—but he does not see it as a negative for stocks.

Lee, who is also chairman of Bitmine Immersion Technologies, said the magnitude of these potential listings could rival the dot-com boom and may even surpass it. Despite the scale, he expects markets to handle the additional supply without major disruption.

He highlighted SpaceX as the most significant of the group, noting it could target a valuation exceeding $1.5 trillion, making it one of the largest IPOs ever—second only to Saudi Aramco when adjusted for inflation.

While acknowledging concerns around the influx of new shares—especially after standard lock-up periods expire—Lee estimates that the combined supply from these IPOs could equal roughly 5% to 6% of the total market capitalization of the S&P 500.

Even so, Lee remains optimistic. He argues that institutional investors, including pensions, family offices, and high-net-worth individuals, are currently underweight public equities after years of allocating capital to private markets and alternative assets. This positioning, he says, leaves significant room for capital to rotate back into U.S. stocks and absorb the new issuance.

He also noted that early investors are unlikely to sell aggressively right after listings, instead opting to hedge or borrow against their holdings to avoid triggering large tax bills.

On the digital asset side, Lee said cryptocurrencies have underdelivered relative to expectations despite growing institutional adoption. However, he pointed to key advantages such as instant settlement and real-time transaction verification as drivers behind Wall Street’s increasing interest in tokenization—a theme he previously discussed at Consensus Miami 2026.

Looking ahead, Lee suggested blockchain technology could serve as a neutral infrastructure for identity verification in an AI-driven future. He added that banks are increasingly exploring this space as they recognize new revenue opportunities emerging from the convergence of crypto, artificial intelligence, and traditional finance.