FalconX, the institutional crypto trading platform, has confidentially filed with the SEC for an initial public offering. The filing was submitted on or around May 6, marking one of the most significant steps yet by a crypto-native infrastructure firm toward joining public markets.
The company has also been in discussions with major investment banks, including Cantor Fitzgerald, about underwriting the deal. For a firm last valued at $8 billion during its 2022 funding round, the stakes are considerable.
From back-channel talks to formal filings
Discussions about a potential public listing reportedly began as early as June 2025, with informal outreach to investment banks preceding the formal filing by nearly a year. As of March 2026, formal underwriting mandates had not yet been assigned.
Building the resume for Wall Street
