SAN MATEO, California: FalconX, the institutional crypto prime brokerage co-founded by former Google Chrome OS product lead Raghu Yarlagadda, has confidentially filed a draft S-1 registration statement with the U.S.

Securities and Exchange Commission, according to a report from CoinDesk on May 28.

The filing was submitted on or around May 6, 2026, and the company has hired Cantor Fitzgerald to advise on the offering.

A public listing is targeted for late 2026.

The confidential filing does not disclose revenue, headcount, or proposed share price.

Those details become public if and when FalconX flips to a regular S-1 ahead of pricing.

CEO Yarlagadda has signaled the company will wait for stable market conditions before locking in a timeline, a posture that fits a year in which several crypto issuers have paused or delayed listings.

The same confidential-filing mechanic has shown up across this year’s largest deals, including OpenAI’s confidential IPO filing earlier in May.

Why an ex-Chromebook PM is taking a crypto prime broker public FalconX is not a retail exchange.

It is the institutional pipe most people who buy bitcoin never see: a single venue where hedge funds, market makers, asset managers, and trading firms can route orders, source liquidity, post margin, and settle digital asset trades.

The model is closer to a fixed-income desk at an investment bank than to Coinbase or Kraken.

Yarlagadda and co-founder Prabhakar Reddy launched the company in 2018, near the bottom of the prior crypto cycle.

Yarlagadda had spent four years on Sundar Pichai’s Chrome OS team at Google, where, according to his FalconX bio, he helped scale Chromebooks past $3 billion in revenue for Google and its partners.

The pitch for FalconX was unglamorous infrastructure for an asset class that did not yet have any: trading rails an institutional risk committee could actually approve.

That bet has compounded.

FalconX hit unicorn status in August 2021 with a $210 million Series C at a $3.75 billion valuation.

Less than a year later, in June 2022, a Series D led by GIC and joined by B Capital and Tiger Global priced the company at $8 billion, according to Crunchbase News.

The IPO valuation, when it surfaces, will be the first public read on how much that mark has held up across the....