Prediction market platform Kalshi has held preliminary talks with investment banks about a potential initial public offering. The company is eyeing a listing by late 2027 or early 2028.
Kalshi has held preliminary talks with investment banks about a potential IPO, according to The Information. The discussions are informal and at an early stage. A listing is expected no earlier than late 2027 or early 2028.
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The listing decision is driven by a sharp rise in financial performance. Kalshi’s annualized revenue has surpassed $2B—roughly triple what it was in November 2025.
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Sports Are Fueling Interest in Kalshi
In May 2026, Kalshi’s monthly trading volume hit $16.81B, up 13.5% from April, according to The Block. The growth is tied to increased activity around NBA and FIFA World Cup markets. Kalshi also recently became a partner of the US National Hockey League.
In May 2026, the company raised $1B in a Series F round at a $22B valuation. Coatue led the round, with participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest. Since the start of 2025, Kalshi has closed four major funding rounds.
The platform has also launched CFTC-approved perpetual futures on bitcoin and other crypto assets, drawing criticism from CME Group.
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US States Are Pushing Back Against Prediction Markets
Earlier this week, Kentucky filed lawsuits against Kalshi and Polymarket over allegedly unlicensed sports betting. Wisconsin, New York, Nevada, and other states have filed similar suits. US gaming associations have urged the Senate to include a ban on sports prediction markets in the CLARITY Act.
At the same time, the CFTC is defending its exclusive jurisdiction over prediction markets and has sued several states trying to restrict them. In April 2026, a New Jersey court sided with Kalshi, allowing it to offer sports contracts. But the matter will likely be settled by the US Supreme Court.
An IPO would give Kalshi more capital to scale and increase its institutional credibility. But regulatory uncertainty remains the key risk. If courts rule sports prediction markets illegal, it could cut off the company’s main revenue source—estimated by some at up to 90%.
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