FalconX Confidentially Files for IPO as Crypto Listings Cool

Crypto prime broker FalconX has confidentially filed a draft S-1 registration with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO), according to an anonymous source. The California-based firm has hired Cantor Fitzgerald and other investment banks to advise on the listing, though a formal IPO is not expected until late 2026 due to volatile market conditions. Founded in 2018, FalconX provides trade execution, liquidity, credit, and clearing services to institutional clients like hedge funds and asset managers. Its last public valuation was $8 billion from a $150 million Series D round in June 2022. The filing comes amid a broader slowdown in crypto IPOs after a strong 2025, when Circle debuted on the NYSE and Bullish (CoinDesk's parent) saw shares double on its first day. Weaker trading volumes and macro headwinds have since dampened enthusiasm, leading firms like Kraken parent Payward, Consensys, Ledger, and Grayscale to delay or freeze their IPO plans. However, Blockchain.com also confidentially filed for a U.S. IPO last week, and tokenization firm Securitize agreed to merge with SPAC Cantor Equity Partners II, reporting 841% revenue growth. FalconX's institutional focus may attract favorable valuations if market sentiment improves, but its timeline depends on crypto and equity market stabilization.