Trillions in tech IPOs won’t trigger a sell-off in the S&P 500, says Tom Lee.

Tom Lee says an expected surge of large-scale IPOs from SpaceX, Anthropic, and OpenAI could inject trillions of dollars into public markets—but he does not expect it to weigh on equities.

Lee, who also serves as chairman of Bitmine Immersion Technologies, noted that the size of these potential listings could rival the dot-com era and possibly exceed it. Even so, he believes the market has enough depth to absorb the incoming supply.

Among the anticipated listings, SpaceX stands out as a potential record-breaker. Lee estimates the company could aim for a valuation above $1.5 trillion, placing it among the largest IPOs in history—second only to Saudi Aramco on an inflation-adjusted basis.

While he acknowledged concerns about the volume of shares entering the market—particularly after lock-up periods expire—Lee estimates that the combined offerings could account for around 5% to 6% of the total market capitalization of the S&P 500.

Despite this, Lee maintains a constructive outlook. He argues that key investor groups such as pensions, family offices, and high-net-worth individuals remain underexposed to public equities after years of allocating capital to private markets and alternative investments. This underallocation, he says, leaves room for significant inflows back into U.S. stocks to absorb new issuance.

Lee also suggested that early investors are unlikely to rush to sell shares immediately, instead choosing to hedge their exposure or borrow against holdings to avoid triggering major tax liabilities.

On the digital asset front, Lee noted that cryptocurrencies have underperformed expectations despite increasing institutional interest. However, he emphasized that innovations like instant settlement and real-time transaction verification are accelerating Wall Street’s push toward tokenization—an idea he previously discussed at Consensus Miami 2026.

Looking forward, Lee said blockchain technology could serve as a neutral layer for identity verification in an AI-driven world. He added that banks are increasingly exploring the sector as they identify new revenue opportunities at the intersection of crypto, artificial intelligence, and traditional finance.