Tom Lee says trillions in tech IPO supply won't crash the S&P 500

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Tom Lee says trillions in tech IPO supply won't crash the S&P 500 Fundstrat’s Tom Lee argues that trillions in new IPO supply from SpaceX, Anthropic, and OpenAI could ultimately be absorbed by underallocated investors. By James Van Straten , AI Boost | Edited by Jamie Crawley May 22, 2026, 12:57 p.m. 2 min read Make preferred on Tom Lee, chairman of Bitmine and cofounder of Fundstrat, speaking at Consensus 2026 in Miami (CoinDesk) What to know : SpaceX, OpenAI, and Anthropic are all reportedly looking to IPO in the U.S. market. Tom Lee estimates the three IPOs could create trillions in post lock-up supply, equivalent to 5% to 6% of the S&P 500’s market capitalization. Lee says Wall Street sees tokenisation as a major opportunity because blockchain technology enables instant settlement, 24/7 trading, and borrowing against assets such as real estate and art. Tom Lee, chairman of Bitmine Immersion Technologies and co-founder of Fundstrat, does not expect the coming wave of mega IPOs to derail markets even if they could eclipse the entire dot-com boom in scale. Lee recently discussed the potential effect of SpaceX, Anthropic, and OpenAI listing which could unleash trillions of dollars in new equity supply into public markets. In inflation adjusted terms, Elon Musk's SpaceX alone could become the second largest IPO ever, seeking a market valuation above $1.5 trillion, behind only Saudi Aramco. Lee acknowledged concerns about the amount of supply these listings could introduce into public markets, especially after the standard 90-day lock-up periods expire. He noted that SpaceX is likely the most anticipated IPO ever, Lee estimates the three IPOs could generate trillions in supply, equivalent to roughly 5% to 6% of the S&P 500’s total market capitalization. Despite the scale, Lee does not believe the situation is necessarily outright bearish for the markets. He argues that family offices, pensions, and high net worth investors currently hold historically low allocations to public equities after years of favoring private markets and alternative investments. There is significant capital available to absorb the liquidity as allocations rotate back toward U.S. public stocks, in Lee's view. He also expects many early investors to hedge or borrow against holdings rather than immediately sell and trigger large tax events. Lee also discussed cryptocurrency's underperformance against expectations despite growing institutional interest, highlighting how instant settlement and transaction verification are driving Wall Street’s push towards tokenisation, a point he previously made at Consensus Miami 2026 . Furthermore, Lee believes blockchain could provide a neutral framework for identity verification in an AI driven world. Banks are increasingly circling the industry because they recognize the significant revenue opportunities emerging from the convergence of crypto, AI, and finance, he added. AI Disclaimer: Parts of this article were generated with the assistance from 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 Ark Invest buys $12.5 million of Bullish stock in four days By Jamie Crawley | Edited by Oliver Knight 2 hours ago Ark frequently uses broader digital asset downturns, which tend to pull crypto equities lower, as an entry point into cryptocurrency companies. What to know : Ark Invest bought $5 million worth of Bullish (BLSH) stock on Thursday, the fourth day in a row it has added BLSH shares. Cathie Wood's investment manager has purchased $12.5 million worth of shares in the crypto group. BLSH shares closed 0.2% lower at $35.96 on Thursday. Read full story Latest Crypto News OKX and ICE are bringing 'never-expiring' oil futures to 120 million crypto users 10 minutes ago Bitcoin left behind in the geopolitical melee 1 hour ago Ark Invest buys $12.5 million of Bullish stock in four days 2 hours ago Crypto majors stuck in tight range as altcoin rotation picks up steam 2 hours ago ZachXBT flags $520K Polymarket exploit on Polygon, team says funds are safe 3 hours ago Near Protocol to automate its own growth and its token is skyrocketing 4 hours ago Top Stories Bitcoin trades near $77,700 as analysts eye $75,000 support after liquidation wave 7 hours ago Bitcoin implied volatility drops to 7 month low despite macro risks 4 hours ago XRP ETFs attract inflows amid wallet surge. bitcoin, ether funds struggle. 6 hours ago Mark Cuban says he sold most of his Bitcoin after failed hedge narrative 'disappointed' the billionaire 19 hours ago Ethereum’s identity crisis is deepening after high-profile 'brain drain' frustrates the community 20 hours ago Satoshi’s 1.1 million bitcoin and millions more can be saved from quantum attack, says expert 17 hours ago