Tom Lee Says Mega Tech IPO Wave May Not Hurt S&P 500 Performance

SpaceX, OpenAI and Anthropic IPOs Could Add Trillions to Markets

Fundstrat co founder Tom Lee believes the expected public listings of major technology companies such as SpaceX, OpenAI and Anthropic are unlikely to disrupt the broader stock market despite the massive amount of new equity supply they could introduce.

Lee estimated that these offerings may eventually add trillions of dollars in post lock-up market supply, representing roughly 5% to 6% of the S&P 500’s total market capitalization. SpaceX alone could become one of the largest public listings in history, with a reported valuation target above $1.5 trillion.

Investor Demand Could Absorb New Stock Supply

Despite concerns over selling pressure after lock-up periods expire, Lee argued that strong investor demand could help absorb the incoming supply. He pointed to family offices, pension funds and wealthy investors who currently hold historically low exposure to public equities after years of favoring private markets.

Lee also suggested many early investors may borrow against holdings or hedge positions rather than sell immediately to avoid tax consequences.

Tokenization Seen as Growing Wall Street Opportunity

Beyond IPO markets, Lee highlighted growing institutional interest in blockchain-based tokenization, saying faster settlement, round-the-clock trading and digital ownership models are increasingly attracting major financial firms.