Fundstrat’s Tom Lee suggests that the anticipated IPOs from SpaceX, Anthropic, and OpenAI could be absorbed by investors who currently have low allocations.
By James Van Straten, AI Boost|Edited by Jamie Crawley May 22, 2026, 12:57 p.m. 2 min readMake preferred on Tom Lee, chairman of Bitmine and cofounder of Fundstrat, at Consensus 2026 in Miami (CoinDesk)Key points:
- Companies like SpaceX, OpenAI, and Anthropic are reportedly preparing for IPOs in the U.S.
- Lee estimates that these IPOs could result in trillions of dollars in supply, representing about 5% to 6% of the S&P 500’s market cap.
- He notes that Wall Street views tokenization as a significant opportunity due to blockchain's ability to facilitate instant settlements and continuous trading.
Tom Lee, the chairman of Bitmine Immersion Technologies and co-founder of Fundstrat, believes that the influx of major IPOs will not disrupt the markets, even if they exceed the scale of the dot-com boom.
In a recent discussion, Lee highlighted the potential impact of IPOs from SpaceX, Anthropic, and OpenAI, which could add trillions in equity to public markets.
When adjusted for inflation, SpaceX might become the second-largest IPO in history, targeting a valuation over $1.5 trillion, second only to Saudi Aramco.
Lee acknowledged that the volume of supply from these IPOs could raise concerns in the market, particularly following the typical 90-day lock-up period. He pointed out that SpaceX is anticipated to be an especially notable IPO, estimating that the three companies could produce trillions in supply, approximately 5% to 6% of the total S&P 500 market capitalization.
Despite these figures, Lee does not perceive this as a negative signal for the markets. He argues that family offices, pension funds, and wealthy investors have historically low stakes in public equities after years of prioritizing private investments.
According to Lee, there is ample capital available to absorb this influx of liquidity as investment strategies pivot back toward U.S. public stocks.
He also anticipates that many early backers will opt to hedge or leverage their holdings instead of selling them off immediately, which would trigger significant tax implications.
Additionally, Lee discussed the discrepancy between cryptocurrency performance and institutional expectations, emphasizing the shift towards tokenization driven by the benefits of instant settlement and verification. This point was also addressed during his talk at Consensus Miami 2026.
Moreover, he believes that blockchain technology could serve as a neutral platform for identity verification in a world increasingly influenced by AI. Banks are showing growing interest in this sector, recognizing the substantial revenue prospects arising from the intersection of crypto, AI, and finance, he added.
AI Disclaimer: Portions of this article were generated with the aid of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.More For You
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Key points:
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