Prediction market platform Kalshi has entered informal discussions with investment banks about a potential initial public offering, according to a new report. The conversations remain preliminary, with any listing likely still more than a year away. The development comes alongside strong evidence of accelerating business momentum.
Kalshi has now surpassed $2 billion in annualized revenue, building on earlier indications that the figure had already exceeded $1.5 billion by May 2026.
Annualized trading volume stands at approximately $178 billion after more than tripling over the prior six months.
Founded in 2018 by Tarek Mansour and Luana Lopes Lara, Kalshi operates as the largest CFTC-regulated prediction market exchange in the United States.
Users trade event contracts that resolve to a fixed payout based on real-world outcomes, including economic data releases, political developments, weather events, and entertainment results.
The platform positions these contracts as a transparent, data-driven alternative to traditional polling or forecasting methods.
Kalshi’s growth has been exceptionally rapid. In late 2025 the company completed a $1 billion Series E round at an $11 billion valuation.
Just five months later, in May 2026, it raised another $1 billion in a Series F round led by Coatue Management, with participation from Sequoia Capital, Andreessen Horowitz, Paradigm, IVP, Morgan Stanley, and ARK Invest. That round valued Kalshi at $22 billion.
The cofounders’ paper wealth has increased sharply with each successive valuation step.
The company now serves millions of users and commands the overwhelming majority of regulated US prediction market activity. Its emphasis on full regulatory compliance has helped differentiate it from offshore or crypto-native competitors.
The reported IPO talks are described as early-stage and informal.
Sources indicate Kalshi is unlikely to pursue a public listing before late 2027 or possibly 2028, giving the company additional runway to expand its product suite and deepen institutional adoption.
One area of focus is greater integration with traditional financial institutions to bring more professional trading volume onto the platform.
An eventual IPO would represent a significant milestone for the broader prediction markets category.
Public markets could provide fresh capital for product development, international expansion, and technology investment while offering liquidity to early backers and employees.
At the same time, going public would introduce quarterly reporting requirements and greater scrutiny of trading volumes, revenue recognition, and regulatory compliance.
Kalshi’s trajectory reflects growing mainstream acceptance of event-based trading as a legitimate financial instrument.
The platform’s revenue surge and recent funding success demonstrate sustained demand from both retail participants and sophisticated investors seeking new ways to hedge risks or express views on uncertain future events. The Information first reported the revenue milestone and early IPO discussions on June 18, 2026.
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