Prediction Market Kalshi Eyes IPO After Revenue Hits $2 Billion

Kalshi, the CFTC-regulated prediction market platform, is in early IPO talks with investment banks after annualized revenue surpassed $2 billion and monthly trading volume hit $16.8 billion.

• Kalshi is in informal talks with investment banks about a potential IPO in 2027 or 2028, The Information reports.
• Annualized revenue has tripled since November 2025 to over $2 billion, driven by NBA playoffs and World Cup trading.
• The company closed a $1 billion Series F round at a $22 billion valuation, double its January valuation.
• Kalshi commands over 90% of U.S. prediction market activity and saw institutional trading jump 800% in six months.
• A federal court ruling in late 2024 allowed Kalshi to list political event contracts, unlocking billions in volume.

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