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On May 25, the US tech IPO market is experiencing a new wave of enthusiasm. As of today, several high-valuation tech companies, including SpaceX, OpenAI, Oura, Anthropic, and Databricks, are actively preparing to list on Nasdaq or NYSE. This IPO wave spans various sectors, including AI, software, quantum computing, aerospace, defense technology, fintech, consumer health tech, ad tech, and fleet/IoT platforms. Some companies have already entered the public filing stage, while many others are in confidential submission or media attention status. BlockBeats has compiled a list of tech companies queued to go public as follows: 

1. **Public Filing / Closer to IPO**: These companies have submitted S-1 filings, public registration documents, or have plans to list on trading platforms, making them closer to an IPO. SpaceX (proposed ticker SPCX) submitted public documents on May 20, targeting a listing window in June; Quantinuum (Honeywell's quantum computing subsidiary, proposed ticker: QNT) publicly submitted registration documents on May 8; Liftoff Mobile (AI-driven mobile advertising platform, proposed ticker: LFTO) resubmitted registration documents on April 17; Motive Technologies (AI fleet management platform, proposed ticker: MTVE) plans to go public in 2026, pending pricing; Avalara (tax compliance software) is a candidate for a software IPO but is still awaiting an updated public prospectus. 

2. **Confidential Submission / Company Announcement**: These companies have entered the SEC's confidential submission process or have publicly announced their intentions, but their public prospectuses are not yet available. Oura (smart ring wearable health device) confidentially submitted IPO documents around May 21, with a valuation of approximately $11 billion; Strava (sports social platform) confidentially submitted in January, targeting a 2026 listing; Relativity (legal data/eDiscovery AI) announced confidential submission of S-1 on March 19; L3Harris Missile Solutions (missile/rocket engine business) announced on April 29 that it submitted an IPO draft; OpenAI (generative AI/ChatGPT) is preparing to confidentially submit documents, potentially starting in the September window. 

3. **Media Confirmation / High Attention Watchlist**: These companies do not yet have clear public documents and remain under observation, suitable for ongoing tracking. Anthropic (main AI product Claude) may conduct an IPO in the second half of 2026 or Q4; Databricks (data + AI platform) has outstanding valuation and business scale but has not yet seen an S-1 document; Lambda (GPU cloud/AI computing rental) is expected to go public in the 2026-27 window; Anduril (defense AI/autonomous systems) is a high-valuation defense tech company, with a potential listing in 2026-27; additionally, Discord, Cohesity, WHOOP, and others are also awaiting public documents or further announcements from the companies.

[Tech Super IPO Wave Hits US Market: Nearly 20 Companies Queue to Go Public, Including SpaceX, OpenAI, and Anthropic]On May 25, the US tech IPO market is experiencing a new wave of enthusiasm. As of today, several high-valuation tech companies, including SpaceX, OpenAI, Oura, Anthropic, and Databricks, are actively preparing to list on Nasdaq or NYSE. This IPO wave spans various sectors, including AI, software, quantum computing, aerospace, defense technology, fintech, consumer health tech, ad tech, and fleet/IoT platforms. Some companies have already entered the public filing stage, while many others are in confidential submission or media attention status. BlockBeats has compiled a list of tech companies queued to go public as follows: 

1. **Public Filing / Closer to IPO**: These companies have submitted S-1 filings, public registration documents, or have plans to list on trading platforms, making them closer to an IPO. SpaceX (proposed ticker SPCX) submitted public documents on May 20, targeting a listing window in June; Quantinuum (Honeywell's quantum computing subsidiary, proposed ticker: QNT) publicly submitted registration documents on May 8; Liftoff Mobile (AI-driven mobile advertising platform, proposed ticker: LFTO) resubmitted registration documents on April 17; Motive Technologies (AI fleet management platform, proposed ticker: MTVE) plans to go public in 2026, pending pricing; Avalara (tax compliance software) is a candidate for a software IPO but is still awaiting an updated public prospectus. 

2. **Confidential Submission / Company Announcement**: These companies have entered the SEC's confidential submission process or have publicly announced their intentions, but their public prospectuses are not yet available. Oura (smart ring wearable health device) confidentially submitted IPO documents around May 21, with a valuation of approximately $11 billion; Strava (sports social platform) confidentially submitted in January, targeting a 2026 listing; Relativity (legal data/eDiscovery AI) announced confidential submission of S-1 on March 19; L3Harris Missile Solutions (missile/rocket engine business) announced on April 29 that it submitted an IPO draft; OpenAI (generative AI/ChatGPT) is preparing to confidentially submit documents, potentially starting in the September window. 

3. **Media Confirmation / High Attention Watchlist**: These companies do not yet have clear public documents and remain under observation, suitable for ongoing tracking. Anthropic (main AI product Claude) may conduct an IPO in the second half of 2026 or Q4; Databricks (data + AI platform) has outstanding valuation and business scale but has not yet seen an S-1 document; Lambda (GPU cloud/AI computing rental) is expected to go public in the 2026-27 window; Anduril (defense AI/autonomous systems) is a high-valuation defense tech company, with a potential listing in 2026-27; additionally, Discord, Cohesity, WHOOP, and others are also awaiting public documents or further announcements from the companies.

Tech Super IPO Wave Hits US Market: Nearly 20 Companies Queue to Go Public, Including SpaceX, OpenAI, and Anthropic

According to monitoring by Dongcha Beating, utilizing domestically produced Ascend chips to train large models has become a key direction for building autonomous and controllable AI computing power in the evolution of large-scale MoE architectures. However, mainstream large model frameworks are primarily developed based on NVIDIA's CUDA ecosystem, and directly porting them to the Ascend platform often faces challenges such as uneven hardware queue scheduling and low computing power utilization. USTC, Huawei, and Peking University have jointly launched the compilation scheduling framework HyperParallel-MoE, which aims to break through the energy efficiency bottleneck of heterogeneous computing power in parallel scheduling by performing tile-level control tailored to the unique hardware queues of the Ascend A3. The Ascend A3 features two types of cores: AIC for matrix multiplication and AIV for vector computation and communication. However, under traditional operator serial scheduling, the two types of cores can only work alternately, leading to idle time. Actual test data shows that when running a 671B DeepSeek-style large model on a 256-node cluster, the utilization of AIC was only 67%, with 39% of expert routing communication delays exposed in critical computation paths. The core modifications of HyperParallel-MoE include three aspects. First, a single-sided write primitive driven by AIV was designed to trigger computation as soon as data tiles arrive, eliminating the need to wait for the entire batch. Second, a dependency-aware tile task generation was introduced to unify communication and computation operators. Third, a static scheduler pre-generates task sequences to drive the two types of cores in parallel within a single kernel, utilizing high-speed L2 cache to share intermediate results and reduce delays from writing back and reading from slower HBM memory. Testing shows that under a balanced routing of 64 nodes, the delay of the core module responsible for expert computation (MoE-FFN) was reduced by approximately 36%, corresponding to a maximum data processing speed increase of 58% (speeding up from 1.49 to 1.58 times). In end-to-end operation of the entire machine, the single-step training speed also increased by 8% to 9%. This indicates that the actual energy efficiency of Ascend depends not only on hardware specifications but also on whether the compiler and runtime can efficiently schedule the AIC/AIV cores.

[Huawei and USTC Break NVIDIA's Monopoly, Ascend A3 Accelerates Large Model Expert Computation by 58%]According to monitoring by Dongcha Beating, utilizing domestically produced Ascend chips to train large models has become a key direction for building autonomous and controllable AI computing power in the evolution of large-scale MoE architectures. However, mainstream large model frameworks are primarily developed based on NVIDIA's CUDA ecosystem, and directly porting them to the Ascend platform often faces challenges such as uneven hardware queue scheduling and low computing power utilization. USTC, Huawei, and Peking University have jointly launched the compilation scheduling framework HyperParallel-MoE, which aims to break through the energy efficiency bottleneck of heterogeneous computing power in parallel scheduling by performing tile-level control tailored to the unique hardware queues of the Ascend A3. The Ascend A3 features two types of cores: AIC for matrix multiplication and AIV for vector computation and communication. However, under traditional operator serial scheduling, the two types of cores can only work alternately, leading to idle time. Actual test data shows that when running a 671B DeepSeek-style large model on a 256-node cluster, the utilization of AIC was only 67%, with 39% of expert routing communication delays exposed in critical computation paths. The core modifications of HyperParallel-MoE include three aspects. First, a single-sided write primitive driven by AIV was designed to trigger computation as soon as data tiles arrive, eliminating the need to wait for the entire batch. Second, a dependency-aware tile task generation was introduced to unify communication and computation operators. Third, a static scheduler pre-generates task sequences to drive the two types of cores in parallel within a single kernel, utilizing high-speed L2 cache to share intermediate results and reduce delays from writing back and reading from slower HBM memory. Testing shows that under a balanced routing of 64 nodes, the delay of the core module responsible for expert computation (MoE-FFN) was reduced by approximately 36%, corresponding to a maximum data processing speed increase of 58% (speeding up from 1.49 to 1.58 times). In end-to-end operation of the entire machine, the single-step training speed also increased by 8% to 9%. This indicates that the actual energy efficiency of Ascend depends not only on hardware specifications but also on whether the compiler and runtime can efficiently schedule the AIC/AIV cores.

Huawei and USTC Break NVIDIA's Monopoly, Ascend A3 Accelerates Large Model Expert Computation by 58%

On May 25, according to monitoring by Arkham, Bhutan recently transferred 90 bitcoins (approximately $7 million) to a Segwit address, which may indicate that it is transferring bitcoins to other entities or selling them. Since the beginning of this year, Bhutan has transferred a total of $237.39 million in bitcoin from its wallet to Segwit addresses. Currently, Bhutan still holds approximately $233.18 million in bitcoin.

[Bhutan Transfers $237 Million in Bitcoin This Year]On May 25, according to monitoring by Arkham, Bhutan recently transferred 90 bitcoins (approximately $7 million) to a Segwit address, which may indicate that it is transferring bitcoins to other entities or selling them. Since the beginning of this year, Bhutan has transferred a total of $237.39 million in bitcoin from its wallet to Segwit addresses. Currently, Bhutan still holds approximately $233.18 million in bitcoin.

Bhutan Transfers $237 Million in Bitcoin This Year

[Bhutan Transfers $2.37 Billion in Bitcoin This Year, Recently Moves 90 BTC to Segwit Address]On May 25, according to monitoring by Arkham, Bhutan recently transferred 90 bitcoins (approximately $7 million) to a Segwit address, which may indicate that it is transferring bitcoins to other entities or selling them. Since the beginning of this year, Bhutan has transferred a total of $237.39 million in bitcoin from its wallet to Segwit addresses. Currently, Bhutan still holds approximately $233.18 million in bitcoin.

Bhutan Transfers $2.37 Billion in Bitcoin This Year, Recently Moves 90 BTC to Segwit Address

On May 25, BlackRock stated that under the leadership of new Fed Chair Waller, there may be sufficient reasons to support a rate cut rather than a rate hike. Navin Saigal, head of BlackRock's Global Fixed Income business in Asia-Pacific, responded to questions about the likelihood of rate hikes during Waller's tenure, saying, "If I had to choose between a rate hike and a rate cut, I believe there are actually sufficient factors to support a rate cut." He added, "Looking ahead, the labor market will face some pressure, which may indicate that the Fed will either hold steady or cut rates." Saigal's comments contrast with the general expectations of bond investors, who are betting that Waller will prioritize maintaining the Fed's credibility in fighting inflation over accommodating President Trump's calls for lower interest rates. Current pricing shows that the market is almost certain the Fed will raise rates before December.

[BlackRock Analyst: Fed Likely to Support a Rate Cut Under Waller's Leadership]On May 25, BlackRock stated that under the leadership of new Fed Chair Waller, there may be sufficient reasons to support a rate cut rather than a rate hike. Navin Saigal, head of BlackRock's Global Fixed Income business in Asia-Pacific, responded to questions about the likelihood of rate hikes during Waller's tenure, saying, "If I had to choose between a rate hike and a rate cut, I believe there are actually sufficient factors to support a rate cut." He added, "Looking ahead, the labor market will face some pressure, which may indicate that the Fed will either hold steady or cut rates." Saigal's comments contrast with the general expectations of bond investors, who are betting that Waller will prioritize maintaining the Fed's credibility in fighting inflation over accommodating President Trump's calls for lower interest rates. Current pricing shows that the market is almost certain the Fed will raise rates before December.

BlackRock Analyst: Fed Likely to Support a Rate Cut Under Waller's Leadership

On May 25, Trump publicly praised Micron at a large rally in Suffern, New York on May 22, stating, "Big company Micron, boy, Micron is great." According to market fund flow tracking account Capital Flow, on the afternoon of May 22, several traders concentrated on buying deep out-of-the-money (OTM) call options for Micron, with strike prices ranging from $750 to $1400, and expiration dates focused on January 15, 2027 (237 days to expiration) and July 17, 2026 (55 days to expiration). On that day, there were at least nine large call option buy orders between noon and afternoon, with seven of them concentrated between 1:19 PM and 1:53 PM. The most aggressive order was for a contract with a strike price of $1400 expiring in January 2027, with a premium of $1.4136 million. For this trade to be profitable, Micron would need to rise nearly 90% from around $745 within less than eight months. This is not the first time Trump has engaged in similar actions; in March, documents revealed that Trump purchased between $25,000 and $50,000 worth of Micron stock on March 25, and the next day he praised Micron on Fox News. Subsequently, the Trump Organization explained that Trump's account is managed by a third-party financial institution, and he does not participate in specific investment decisions.

[Trump Publicly Praises Micron, Speculation of Aggressive Call Option Purchases]On May 25, Trump publicly praised Micron at a large rally in Suffern, New York on May 22, stating, "Big company Micron, boy, Micron is great." According to market fund flow tracking account Capital Flow, on the afternoon of May 22, several traders concentrated on buying deep out-of-the-money (OTM) call options for Micron, with strike prices ranging from $750 to $1400, and expiration dates focused on January 15, 2027 (237 days to expiration) and July 17, 2026 (55 days to expiration). On that day, there were at least nine large call option buy orders between noon and afternoon, with seven of them concentrated between 1:19 PM and 1:53 PM. The most aggressive order was for a contract with a strike price of $1400 expiring in January 2027, with a premium of $1.4136 million. For this trade to be profitable, Micron would need to rise nearly 90% from around $745 within less than eight months. This is not the first time Trump has engaged in similar actions; in March, documents revealed that Trump purchased between $25,000 and $50,000 worth of Micron stock on March 25, and the next day he praised Micron on Fox News. Subsequently, the Trump Organization explained that Trump's account is managed by a third-party financial institution, and he does not participate in specific investment decisions.

Trump Publicly Praises Micron, Speculation of Aggressive Call Option Purchases

On May 25, Reuters reported that Indonesia's Ministry of Communication and Information Technology announced the blocking of the prediction market platform Polymarket, classifying it as an online gambling platform. The ministry stated that its activities "involve betting and speculation on uncertain events," which violates Indonesian law. Polymarket had previously launched a betting market regarding when Indonesian President Prabowo Subianto would "step down," which garnered widespread attention on Indonesian social media. Ministry official Alexander Sabar indicated that the government is investigating all social media accounts related to Polymarket.

[Indonesia Blocks Polymarket Over Online Gambling Violations]On May 25, Reuters reported that Indonesia's Ministry of Communication and Information Technology announced the blocking of the prediction market platform Polymarket, classifying it as an online gambling platform. The ministry stated that its activities "involve betting and speculation on uncertain events," which violates Indonesian law. Polymarket had previously launched a betting market regarding when Indonesian President Prabowo Subianto would "step down," which garnered widespread attention on Indonesian social media. Ministry official Alexander Sabar indicated that the government is investigating all social media accounts related to Polymarket.

Indonesia Blocks Polymarket Over Online Gambling Violations

On May 25, BlackRock stated that under the leadership of new Fed Chair Waller, there may be sufficient reasons for the Federal Reserve to support a rate cut rather than a rate hike. Navin Saigal, head of BlackRock's Global Fixed Income business in Asia Pacific, responded to questions about the likelihood of rate hikes during Waller's tenure, saying, "If I had to choose between a rate hike and a rate cut, I believe there are actually sufficient factors to support a rate cut." He added, "Looking ahead, the labor market will face certain pressures, which may indicate that the Fed will either hold steady or cut rates." Saigal's comments contrast with the general expectations of bond investors, who are betting that Waller will prioritize maintaining the Fed's credibility in combating inflation over accommodating President Trump's calls for lower interest rates. Current pricing indicates that the market is almost certain the Fed will raise rates before December. (Jin Shi)

[BlackRock Analyst: Fed Under Waller May Support a Rate Cut]On May 25, BlackRock stated that under the leadership of new Fed Chair Waller, there may be sufficient reasons for the Federal Reserve to support a rate cut rather than a rate hike. Navin Saigal, head of BlackRock's Global Fixed Income business in Asia Pacific, responded to questions about the likelihood of rate hikes during Waller's tenure, saying, "If I had to choose between a rate hike and a rate cut, I believe there are actually sufficient factors to support a rate cut." He added, "Looking ahead, the labor market will face certain pressures, which may indicate that the Fed will either hold steady or cut rates." Saigal's comments contrast with the general expectations of bond investors, who are betting that Waller will prioritize maintaining the Fed's credibility in combating inflation over accommodating President Trump's calls for lower interest rates. Current pricing indicates that the market is almost certain the Fed will raise rates before December. (Jin Shi)

BlackRock Analyst: Fed Under Waller May Support a Rate Cut

On May 25, Whale Alert reported that an Ethereum pre-mined address dormant for approximately 10.8 years was activated, transferring out about 1 ETH. Initially, the address held around 2,000 ETH. The current market value of the assets in this address is approximately $4.23 million, compared to about $620 in 2015.

[Ethereum Pre-Mined Address Dormant for 10.8 Years Activated]On May 25, Whale Alert reported that an Ethereum pre-mined address dormant for approximately 10.8 years was activated, transferring out about 1 ETH. Initially, the address held around 2,000 ETH. The current market value of the assets in this address is approximately $4.23 million, compared to about $620 in 2015.

Ethereum Pre-Mined Address Dormant for 10.8 Years Activated

According to Watcher data monitoring, Bitcoin's market cap has fallen below $385 billion.

Detail

【Data: Bitcoin's Market Cap Has Fallen Below $385 Billion】According to Watcher data monitoring, Bitcoin's market cap has fallen below $385 billion.

Data: Bitcoin's Market Cap Has Fallen Below $385 Billion

Perspective: Tokens on alt.fun are double-layered leverage

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zest currently trades at 0.183708 USDT, up 20.27% in 24h, according to HTX market data.

bill currently trades at 0.10894 USDT, up 15.61% in 24h, according to HTX market data.

Data: Bitcoin's Market Cap Has Fallen Below $385 Billion

Clause de non-responsabilité：Le contenu ci-dessus ne représente pas les positions de HTX.，HTX ne fournit pas de recommandations de trading.。

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