AI tokens surge 30% to 135% on SpaceX and OpenAI IPO buzz

Worldcoin (WLD) rose 30% over three consecutive trading sessions through May 26, with daily volume climbing 56% to $293 million, as traders positioned for OpenAI's expected initial public offering, which reports value at as much as $1 trillion, according to CoinGecko data. Venice Token (VVV) led the sector with a 135% gain over the past month and roughly 1,500% since December 2025, driven by its listing on South Korea's Upbit exchange and the launch of its Seedance 2.0 AI tool, with daily volumes exceeding $100 million.

"These moves are a proxy bet on the AI IPO wave, not a direct link to any live stock," said Jason Wu, on-chain analyst at Edgen. "SpaceX filed its IPO application on May 20 but hasn't priced or gone public yet. The market is pricing in the expectation that capital and attention will flood into AI broadly."

Akash Network (AKT) has emerged as the most direct infrastructure play in the rally, rising 200% from its 2026 lows and 72% year-to-date. The decentralized cloud-compute platform's token-burn mechanism is tied directly to GPU demand, creating a scarcity narrative that sets it apart from purely speculative tokens. Investors are pricing in Akash's potential to challenge a reported $45 billion AI compute contract involving SpaceX and xAI. NEAR Protocol gained 50% in the past week and 115% over 90 days, trading at $2.32 as of May 26, after launching confidential payments on Near.com and new AI models on Near.ai, placing it at the intersection of AI and privacy.

What's driving the AI token rally

The broader AI token market capitalization rose 8% in 24 hours to $21.44 billion, according to CoinMarketCap data, as positive signals from Nvidia reinforced sector momentum. Nvidia reported approximately $81.6 billion in profit for the first quarter of 2026 and raised its projected revenue opportunity through 2027 to $1 trillion, according to the company's earnings release. Historically, Nvidia earnings events have triggered rallies in AI-linked tokens — NEAR surged 58% following Nvidia's Q4 2025 report in February.

Artificial Superintelligence Alliance (FET) gained 11% in the past 24 hours, while Internet Computer (ICP) also posted strong gains as part of the broader AI crypto recovery. The sector's total market value has climbed from recent lows as traders rotate capital into tokens with AI exposure ahead of the anticipated IPO pipeline.

The risk behind the proxy trade

None of these token surges are tied to a live SpaceX or OpenAI equity listing. SpaceX's IPO application remains pending regulatory approval, and OpenAI has not set a firm date for its debut. The rally depends on the assumption that the AI IPO wave will sustain enough momentum to lift associated tokens — a bet that carries significant downside if the actual listings fail to meet elevated expectations or if regulatory delays push the timeline into 2027.

For Venice Token, the question is whether its 1,500% gain since December can hold without a live equity event to anchor valuations. For Akash, the compute contract narrative depends on whether it can convert GPU demand speculation into verifiable on-chain revenue. And for Worldcoin, the Altman connection cuts both ways — the token benefits from OpenAI's halo but carries the regulatory risk of its own biometric data collection model, which has drawn scrutiny in multiple jurisdictions.

This article is for informational purposes only and does not constitute investment advice.