Kalshi has held early talks with investment banks about a future stock listing after its annualized revenue tripled past $2 billion. Key Points: Kalshi has reportedly held informal IPO discus
Kalshi has held early talks with investment banks about a future stock listing after its annualized revenue tripled past $2 billion.
Key Points:
- Kalshi has reportedly held informal IPO discussions, though no public listing has been announced.
- Its annualized revenue tripled past $2 billion, lifted largely by sports event contracts.
- Banks seeking advisory roles were reportedly asked to integrate with Kalshi's trading platform.
The conversations surfaced in a report on the company's finances, which described them as informal and early. Executives have spoken with banks while the platform keeps posting fast growth.
A debut would still sit at least a year out, with late 2027 or 2028 floated as the likely window.
Kalshi's revenue run rate has climbed past $2 billion, roughly three times its level last November, with May volume near $16.81 billion. Trading around the NBA and the FIFA World Cup drove much of that jump, and the platform logged its two largest volume days on record last week. The exchange now holds an estimated 90% of the US prediction market and recently passed $100 billion in lifetime volume.
That pace turns a betting story into a Wall Street one.
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The sharper detail sits in a condition attached to the talks. Banks chasing advisory roles were reportedly asked to integrate with Kalshi's platform, so their institutional clients could trade directly. That request makes the relationship operational rather than a routine pitch for fees.
A public Kalshi would also hand investors the first pure-play bet on prediction markets, since no such stock trades today. It also explains why incumbents now track a market they once waved off, after the firm's accurate 2024 election calls pulled in mainstream attention.
Sports contracts may supply up to 90% of revenue, by some estimates, even as courts weigh whether such products count as regulated futures.
A New Jersey court sided with Kalshi in April, though challenges in states including Kentucky continue. The jurisdictional fight could reach the Supreme Court.
The exchange's rise has been quick, and the IPO chatter follows it. Kalshi was valued near $2 billion in June 2025, then $5 billion in October, $11 billion in December, and $22 billion this spring after a $1 billion round backed by Sequoia and ARK Invest. The climb ranks among the fastest in recent fintech memory.
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