A SpaceX IPO is coming. Tokenized space stocks are already here.

The Alpha Drop is MetaMask's weekly market report. Not financial advice—just context, data, and signal.

TL;DR

• A SpaceX IPO is coming. While the market waits, almost every major publicly-traded space company is reporting earnings over the space of a week.

• Consumer Price Index (CPI) for April 2026 will be released on Tuesday May 12 at 08:00AM ET.

• Circle (CRCLon), SharpLink (SBETon), Cisco (CSCOon) and Alibaba (BABAon) and more reporting earnings.

The Number

30% — potential slice of SpaceX shares that could be allocated for retail investors, according to reports. The IPO of Elon Musk’s company known for launching rockets, astronauts, Starlink broadband, xAI and Twitter is expected as soon as next month. Tokenized shares could be available same day and other tokenized space stocks report earnings this week and next (see below).

Short Drops

April 2026 CPI drops Tuesday at 08:30 AM ET. The April Consumer Price Index is the macro anchor of the week—and the first major inflation data point under the de facto Warsh era. The March 2026 CPI came in at 3.3%, its highest since May 2024. Crypto prices—and perps for blue chips like BTC or ETH—tend to move fast on CPI mornings.

Circle Internet Group (CRCLon) reports Monday. Circle releases Q1 2026 results on Monday, May 11 at 08:00 AM ET. Circle is the issuer of USDC—the second-largest stablecoin by market cap—and the first pure-play stablecoin infrastructure company to trade as a public equity. Its earnings can be seen as a read on stablecoin adoption velocity, USDC reserve income, and the pace of institutional blockchain payments.

The Setup

Monday, May 11 2026

• Circle Internet Group (CRCLon): Q1 results from the creator of USDC, 8 AM ET webcast. 

• SharpLink (SBETon): Earnings report from the company boasting a giant pool of ETH. 

Tuesday, May 12 2026

• April 2026 CPI 8:30 AM ET. See Quick Bites.

• Aptos (APT) token unlock: APT is on MetaMask Swaps and Perps. 

Wednesday, May 13 2026

• Cisco Systems (CSCOon): Q1 results.

• Alibaba (BABAon): Q1 results. 

The Big Drop

SpaceX IPO is coming. The rest of the sector is already here.

One of the most anticipated IPOs ever is finally in motion. SpaceX confidentially filed with the SEC on April 1; the S-1 is expected between May 15 and May 22, with the IPO targeted between June 18 and June 30 at a valuation of $1.75 to $2 trillion—which would be the largest public offering in history. Some reports say the retail allocation could be up to 30 percent. When it lists, Ondo Global Listing means it goes onchain as soon as the same day.

Getting a slice of the future of space is possible right now across DeFi. Several commercial space companies report earnings this week and next—and most of them are available as tokenized equities on MetaMask. Redwire (RDWon) reported on Wednesday May 6 2026, and held its call the morning of May 7. Redwire manufactures the solar arrays, docking mechanisms, and proximity systems that make the ISS operational—infrastructure-critical work funded by long-term government contracts, giving its quarterly results more predictable cadence than most names in the sector.

Rocket Lab (RKLBon) reports on Thursday May 7 2026 after close. Its Electron rocket has completed more than 80 missions—the most-launched small orbital rocket globally. Tonight's call will test whether Neutron, its reusable medium-lift rocket targeting late-2026, is tracking on schedule. 

AST SpaceMobile (ASTSon) reports on Monday May 11 2026. It's building a satellite constellation that lets ordinary smartphones connect directly to the internet from space—no special hardware—with partner agreements covering AT&T, Verizon, and Rakuten. Monday's print is primarily a read on whether that commercial activation timeline for the second half of 2026 is holding.

Intuitive Machines (LUNRon) reports on Thursday, May 14 2026 In February 2024, its IM-1 lander became the first American spacecraft to soft-land on the Moon in 52 years—and the company has since built a position on NASA contracts for lunar infrastructure and Artemis program support.

Looking further ahead

NVIDIA reports Wednesday, May 20 2026—Q1 results from the company whose hardware is the physical layer of the AI infrastructure spending cycle.

Disclaimer: This content is for general information purposes only and does not constitute financial, investment, tax, or legal advice and is not a recommendation to buy or sell any particular digital asset or to employ any specific investment strategy. Assets mentioned are subject to regional availability.