Prediction marketplace Kalshi is exploring an initial public offering path through informal talks with banks, according to a report from The Information. The company's annualized revenue run rate topped $2 billion, tripling since November 2025, while a $1 billion funding round in May 2026 led by Coatue lifted its valuation to $22 billion. The discussions mark the first potential public listing from a CFTC-regulated prediction market operator in the United States. People close to the matter told The Information that any listing is likely a year or more away, with no S-1 filing, selected banker, or public timeline currently in place. Kalshi's rapid revenue growth and institutional trading expansion are driving the IPO conversations as the company positions event contracts as a new financial asset class.
Kalshi Requests Platform Integration From Prospective IPO Advisers
The Information reported that Kalshi is asking prospective advisers to integrate their own platforms with Kalshi first, giving institutional clients direct access to trade on the exchange. Banks seeking the IPO mandate must bring trading volume to the table before bringing paperwork. The discussions are at an early stage, with people close to the matter telling the publication's reporter Yueqi Yang that any listing is likely a year or more away, placing a realistic window at late 2027 or 2028.
Kalshi Revenue Run Rate Triples to $2 Billion Since November 2025
Kalshi's annualized revenue run rate passed $2 billion, roughly tripling since November 2025. May 2026 notional trading volume hit a record near $17 billion, driven largely by NBA playoff and FIFA World Cup sports contracts. Institutional trading volume jumped 800% over the six months ending in early May 2026, with annualized institutional volume reaching $178 billion.
Coatue Led $1 Billion Funding Round Valuing Kalshi at $22 Billion
Kalshi closed a $1 billion funding round in May 2026 led by Coatue, with Sequoia, Andreessen Horowitz, Paradigm, Morgan Stanley, and Ark Invest also participating. The round valued the company at $22 billion, up from $11 billion in December 2025. The institutional push includes infrastructure developments—Kalshi completed its first institutional block trade in April 2026, a carbon allowances contract brokered between a Texas hedge fund and a market maker. The company added partnerships with Tradeweb, Clear Street, Interactive Brokers, and FIS to handle clearing and brokerage for larger players.
Kalshi Launched as First Federally Regulated Event-Contract Exchange in July 2021
Kalshi launched publicly in July 2021 after becoming the first federally regulated event-contract exchange in the United States. Founders Tarek Mansour and Luana Lopes Lara built the platform on contracts tied to elections, weather, economics, and sports, with sports now making up the bulk of trading activity. CEO Tarek Mansour called event contracts a "trillion-dollar market" that could grow large enough to compete with traditional exchanges within a few years.
State Legal Challenges Over Sports Contracts Continue
Several states argued that Kalshi's sports markets function as unlicensed sports betting, a dispute still working through courts. The legal challenges remain a risk factor as the company explores an IPO path.
FAQ
What did Kalshi announce about an IPO?
Kalshi is exploring an IPO path through informal talks with banks, according to The Information. The discussions are at an early stage with no S-1 filing, selected banker, or public timeline. People close to the matter said any listing is likely a year or more away, with a realistic window at late 2027 or 2028.
How much did Kalshi's revenue grow since November 2025?
Kalshi's annualized revenue run rate topped $2 billion, tripling since November 2025. May 2026 notional trading volume hit a record near $17 billion, and institutional trading volume jumped 800% over the six months ending in early May 2026.
What was Kalshi's valuation in the May 2026 funding round?
Kalshi closed a $1 billion funding round in May 2026 led by Coatue, valuing the company at $22 billion, up from $11 billion in December 2025. Sequoia, Andreessen Horowitz, Paradigm, Morgan Stanley, and Ark Invest also participated in the round.
