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Kalshi has surpassed $2 billion in annualized revenue and is in early-stage discussions with investment banks about a potential initial public offering, according to The Information. CNBC reported the news on June 18. The milestone follows a $1 billion Series F funding round in May that valued the CFTC-regulated prediction markets platform at $22 billion, per The Block. Kalshi's growth has been driven in part by NBA and FIFA World Cup markets. The IPO exploration comes as the company faces sports betting-related lawsuits and ongoing US regulatory pressure, and as competitors including Robinhood scale their own event-contract offerings.
Why this matters?
The IPO talks put Kalshi under immediate pressure to prove its $22 billion valuation against Robinhood's competing perpetual futures and Rothera event contracts. Any filing will expose its revenue concentration to retail sports markets at the exact moment institutional flow from DRW, Wintermute and IMC remains unproven.
The bigger picture
Becomes the latest competitive pressure Kalshi has faced this month, after Robinhood's Rothera began routing some World Cup volume away from the exchange earlier in June.
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