SpaceX, Anthropic, and OpenAI IPOs may add trillions in supply but won’t disrupt markets, Fundstrat’s Tom Lee says.
Fundstrat’s Tom Lee expects trillions in new equity supply from upcoming tech IPOs to be absorbed by underallocated investors. SpaceX, Anthropic, and OpenAI could generate supply equivalent to 5%-6% of the S&P 500’s market capitalization after lock-up periods expire.
Lee estimates SpaceX alone may seek a valuation above $1.5 trillion, potentially making it the second-largest IPO ever. The combined supply from these listings could surpass the scale of the dot-com boom, but Lee argues demand will offset the influx.
Tokenization and blockchain-enabled trading are cited as key factors supporting liquidity and investor participation. The market reaction remains uncertain, though Lee dismisses concerns of a disruptive sell-off.