Galaxy Digital (NASDAQ:GLXY) CEO Mike Novogratz says the wave of mega-IPOs heading to market this year could be the symbolic top that ends the bull run, and he thinks the right way to play it is buying puts rather than shorting outright.
Speaking on his "All Things Markets" podcast over the weekend, Novogratz argued that great bubbles tend to end with a single defining event.
He pointed to the AOL-Time Warner merger capping the dot-com era and the Hong Kong handover marking the peak of the 1997 Asia boom.
The Holy Trinity Of IPOs This time, Novogratz said, the signal could be the trio of SpaceX, OpenAI and Anthropic going public, which together may represent around $4 trillion in market cap and require up to $150 billion in fresh money.
"If we look back and SpaceX was the high, it won't surprise anybody," Novogratz said.
