Kalshi Explores IPO as Revenue Hits $2 Billion Annualized

Jun 19, 2026

Prediction market Kalshi is exploring an IPO after its annualized revenue surpassed $2 billion, driven by sports contracts. The company, valued at $22 billion following a recent $1 billion funding round, is in early talks with banks. However, it faces significant regulatory headwinds, with at least 18 states suing the platform over alleged illegal sports betting, creating a jurisdictional clash with the federal CFTC.

IPO exploration timeline

▪A spokesperson for Kalshi declined to comment on the IPO discussions.
▪A public listing for Kalshi is not expected before late 2027 or early 2028.
▪Prediction market Kalshi has begun early, informal discussions with investment banks about a potential initial public offering (IPO).
▪As part of IPO talks, Kalshi is asking prospective bank advisers to integrate with its platform to give their institutional clients direct trading access.

Revenue surge from sports

▪Sports betting contracts account for approximately 53% of Kalshi's weekly notional trading volume.
▪Sports contracts are a primary driver of Kalshi's revenue, with the NBA playoffs and FIFA World Cup cited as recent catalysts for growth.
▪Kalshi's annualized revenue has surpassed $2 billion, up from a $1 billion run rate in March and triple its November 2025 figure.

Trading volume growth

▪Kalshi's institutional trading volume increased by 800% in the six months leading up to early May.
▪Kalshi's monthly trading volume reached $16.81 billion in May, an increase from $14.81 billion in April.

Fundraising rounds completed

▪In May 2026, Kalshi raised $1 billion in a Series F funding round led by Coatue, reaching a valuation of $22 billion.
▪Investors in Kalshi's Series F round included Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest.

Regulatory challenges across states

▪The Commodity Futures Trading Commission (CFTC) asserts it has exclusive oversight of prediction markets and has sued several states attempting to restrict them.
▪Kentucky recently sued Kalshi, joining at least 17 other states that have taken legal action against prediction markets for alleged illegal sports betting.
▪U.S. gaming industry groups have asked the Senate to include language in crypto legislation that would ban prediction markets on sports.
▪A New Jersey court ruled in favor of Kalshi in April 2026, permitting the platform to offer sports contracts in the state.