The upcoming SpaceX IPO has become one of the most anticipated market events in years. It’s also fueling a growing concern among investors: what if peak excitement around Elon Musk‘s space company marks the top of the bull market? Fundstrat’s Tom Lee isn’t buying that argument.

Speaking on CNBC’s Power Lunch on Monday, Lee said a surprising number of institutional investors are preparing for turbulence around SpaceX’s public debut, viewing the IPO as a potential signal that market enthusiasm has gone too far.

“I’d say there’s a very large camp of our institutional investor clients that would say SpaceX is going to be the market top,” Lee said. His response? History suggests otherwise.

Why Tom Lee Thinks Investors Are Worried

The concern isn’t entirely irrational. Markets have rallied sharply, AI-related stocks have surged, and investors are simultaneously being asked to fund a wave of massive capital raises from some of the world’s most prominent technology companies.

Lee noted that companies including Alphabet Inc‘s (NASDAQ:GOOGL) (NASDAQ:GOOG), OpenAI, Anthropic and SpaceX are collectively seeking enormous amounts of capital to support AI infrastructure and growth initiatives.

That has led some investors to worry ...