Kalshi has reportedly crossed $2 billion in annualized revenue and held preliminary IPO discussions with investment banks, marking another sign of the prediction market exchange’s rapid growth.
The Information reported that the IPO talks remain early and that Kalshi is unlikely to list before late 2027 or sometime in 2028. The report said the company has been speaking with banks at a time when it is also looking to deepen institutional access to its markets, including through bank integrations that would allow those banks’ institutional clients to trade on Kalshi.
The IPO discussions come after Kalshi announced a $1 billion funding round at a $22 billion valuation in May, extending a rapid valuation climb for the CFTC-regulated exchange. Kalshi was valued at $2 billion in June 2025, $5 billion in October and $11 billion in December before reaching $22 billion this spring.
IPO would test prediction market model
A Kalshi IPO would give public markets a direct test of the prediction market business model, not just another way to value a brokerage, sportsbook or crypto exchange with an event contract product attached.
That distinction matters because the biggest prediction market native companies, including Kalshi and Polymarket, remain private. Public companies have already built meaningful positions in the category, including Robinhood, DraftKings and Flutter-owned FanDuel. But those businesses give investors exposure to prediction markets through larger companies with existing brokerage or sportsbook operations, rather than through a standalone prediction market exchange.
Kalshi would be different. A public listing would require investors to value a company built around event contracts directly, including its revenue mix, trading volume growth, institutional adoption and legal exposure. It could also put more scrutiny on the unresolved fight between federally regulated prediction market operators and state gambling regulators, who have challenged sports event contracts as unlicensed sports betting.
Revenue run rate reportedly climbs again
The reported $2 billion revenue run rate would mark a significant increase from Kalshi’s previously reported revenue levels. The Wall Street Journal reported in March that Kalshi’s annualized revenue had reached about $1.5 billion, meaning The Information’s new figure would imply an increase of at least one-third in roughly three months if the figures are measured on a comparable basis.
Kalshi’s position as the largest prediction market platform by volume is part of why the IPO report matters. The company is not a smaller operator testing public-market interest; it is the exchange currently setting the pace for the category.
Run-rate figures annualize current revenue levels and are not the same as audited annual revenue. Still, the report lines up with the trading momentum shown in recent volume data. Kalshi again remained the clear volume leader among prediction market platforms in DeFi Rate’s latest weekly report, posting a record $6.38 billion in weekly notional volume for the week of June 8 and crossing $100 billion in lifetime volume. With World Cup trading continuing to heat up, Kalshi appears positioned for another record week if activity holds near its current pace.
Public filing would add financial detail
Kalshi already operates in a highly visible regulatory environment, with public contract filings, court cases and trading activity giving the market more information than is available for many private companies.
But an IPO filing would add a different layer of disclosure. Investors would get a fuller look at Kalshi’s revenue mix, profitability, cost structure, customer growth and exposure to legal fights over sports event contracts.
For now, the talks appear early. But the reported $2 billion revenue run rate shows why Kalshi is already being discussed as one of the most important potential public listings in financial markets.
