FalconX has filed a confidential draft S-1 with the SEC and hired Cantor plus other bankers for a potential IPO, though the listing is not expected before year-end. The California prime broker was last valued at $8B after a $150M Series D in June 2022 and still sits in the institutional lane: execution, liquidity, credit, and clearing for funds and market makers. Timing is the hard part: weaker trading volumes and sloppy post-listing performance have chilled the 2026 crypto IPO window, pushing names like Payward, Consensys, Ledger, and Grayscale to wait.

TLDR by @Benthic

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