Kalshi Exploring IPO Path as Annualized Revenue Surges to $2 Billion, Valuation Hits $22 Billion

According to The Information, prediction marketplace Kalshi held early-stage IPO discussions with banks earlier this month, though no S-1 filing, banker selection, or public timeline has been set. People close to the matter indicated any listing is likely a year or more away, with a realistic window in late 2027 or 2028.

Kalshi's annualized revenue run rate has surpassed $2 billion, roughly tripling since November 2025. In May 2026, the company closed a $1 billion funding round led by Coatue, with participation from Sequoia, Andreessen Horowitz, Paradigm, Morgan Stanley, and Ark Invest, valuing the company at $22 billion, up from $11 billion in December 2025. May trading volume hit a record near $17 billion, driven largely by sports contracts for the NBA playoffs and FIFA World Cup.