Before Lipsey arrived at Iowa State, Big 12 Conference Freshman of the Year Tyrese Hunter opted to transfer, opening the door for Lipsey to become the Cyclones' starting point guard as a freshman. He averaged 7.3 points, 4 rebounds and 4.4 assists in 33 starts. He was an effective at running the team's offense and as a defensive player, but struggled with his shot, shooting only 20% from three-point range on the season. At the close of the year, Lipsey was named to the Big 12 All-Freshman team.[4]
In the off-season before his sophomore year, Lipsey worked diligently to improve his three-point shooting. The work paid off as he was able to increase his three-point shooting percentage to a solid 39.1% for his second year.[5] He continued to stand out defensively, and on December 10, 2023, Lipsey broke the Iowa State single-game steals record, recording 8 in a win over Prairie View A&M.[6] At the end of the regular season, Lipsey was named first-team All-Big 12 and a member of the conference all-defensive team.[7] He also garnered national attention as an AP honorable mention All-American, a second-team academic All-American, and as a finalist for the Naismith Defensive Player of the Year Award.[8]
After his sophomore season, Lipsey had shoulder surgery to repair an injury suffered in a January, 2024 game against BYU.[9]
^"Cyclones Overpower Prairie View A&M, 107-56". cyclones.com. December 10, 2023. Retrieved June 21, 2024. Lipsey tallied 19 points and broke the ISU record for steals in a game with eight. The previous record was seven shared by Fred Hoiberg (1991 vs. American) and Justus Thigpen (1993 vs. Kansas).