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

The Alpha Drop is MetaMask's weekly market digest. 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.

• April Consumer Price Index release set for Tuesday morning 

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

The Number

30% — The 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 CPI drops Tuesday at 8:30 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. March came in at 3.3%, its highest since May 2024. Crypto prices tend to move fast on CPI mornings. Perps for blue chips like BTC and ETH are available on MetaMask.

Circle Internet Group (CRCLon) reports Monday. Circle releases Q1 2026 results on Monday, May 11 at 8 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. CRCLon is available via MetaMask. 

The Setup

Monday, May 11

• 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

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

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

Wednesday, May 13

• Cisco Systems (CSCOon) — Q1 results.

• Alibaba (BABAon) — Q1 results. 

The Big Drop

SpaceX 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 on-chain as soon as the same day.

Getting a slice of the future of space is possible right now onchain. Several commercial space companies report earnings this week and next—and most of them are available as tokenized equities in MetaMask.

Rocket Lab (RKLBon) reports tonight 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. 

Redwire (RDWon) reported yesterday and held its call this morning. 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.

AST SpaceMobile (ASTSon) reports Monday. 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 Thursday, May 14.  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—Q1 results from the company whose hardware is the physical layer of the AI infrastructure spending cycle. NVDAon is available via MetaMask.

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.