Tldr:
- FalconX has confidentially filed a draft S-1 with the Securities and Exchange Commission, targeting a public listing no later than late 2026.
- The major cryptocurrency broker was last valued at $8 billion in its 2022 Series D round, raising $150 million.
- Cantor and other Wall Street banks have been hired to advise FalconX on a potential IPO.
- Declining market sentiment and poor post-listing performance have delayed cryptocurrency IPO plans across the sector.
FalconX, a cryptocurrency brokerage and trading firm, has confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission.
The California-based company has also hired Cantor and other Wall Street banks to advise on its potential initial public offering.
However, a listing is not expected before the end of 2026, as market conditions remain challenging for cryptocurrency companies seeking a public listing.
FalconX looks to public markets amid challenging conditions
Falcon X It was founded in 2018 and operates as a major broker for digital assets. It serves institutional clients such as hedge funds, asset managers and market makers. The company provides services including trade execution, liquidity access, credit, and clearing.
The company was last valued at $8 billion during its 2022 Series D funding round. That round raised $150 million and marked the peak of the company’s private valuation. According to a source familiar with the matter, both FalconX and Cantor declined to comment on the filing.
A person familiar with the matter, speaking on condition of anonymity, confirmed the secret S-1 file.
The same source indicated that the offering is not expected before the end of the year due to current market conditions. CoinDesk had previously reported that Cantor was among the companies bidding for FalconX for a potential listing.
Declining investor sentiment has pushed the expected listing towards the end of the year. Weaker trading volumes and tepid performance post-listing compared to the recent period Cryptocurrency IPOs also played a role. The company is waiting for more stable market conditions before moving forward.
The cryptocurrency IPO sector is facing delays
The cryptocurrency industry entered 2026 anticipating a strong IPO year. Successful listings by Circle and Bullish in 2025 have renewed investor interest in the digital asset business. This optimism has largely faded since then.
Companies like Bitgo It witnessed lackluster trading after its IPO, dampening enthusiasm across the sector. Several major players, including Payward, the parent company of Kraken, Consensys, Ledger, and Grayscale, have postponed their IPO plans. Each of them is waiting for conditions to stabilize before re-participating.
Blockchain.com said last week that it had confidentially filed for a US IPO with the Securities and Exchange Commission. The move shows that some companies are still forging ahead despite broader headwinds. The cryptocurrency IPO path remains cautious but active in specific cases.
Securitization It took a different route, agreeing to merge with Cantor Equity Partners II. This deal would make Securitize one of the few publicly traded companies focused on real, tokenized assets.
Meanwhile, FalconX’s confidential filing keeps its options open as the company monitors how conditions evolve over the rest of 2026.
