Kalshi annualized revenue hits $3 billion, up from $735 million in 2025
Research firm Sacra estimates prediction market platform Kalshi has reached $3 billion in annualized revenue as of June 2026, a sharp jump from the $735 million it generated in 2025. A separate Smartkarma daily brief confirmed the $3 billion annualized run rate but provided no further detail on the metric's composition or the specific timing of the calculation beyond the June 2026 reference. The revenue milestone lands amid Kalshi's ongoing fundraising efforts and rapid product expansion. The two sources, both tier-4 Smartkarma briefs, did not break down how much of the revenue stems from event contracts versus newer product lines such as perpetual futures.
The triple-revenue leap gives Kalshi a data point to justify its $40 billion valuation target in active funding talks, forcing Polymarket to show comparable growth or lose leverage with the same institutional investors. A widening gap would let Kalshi outspend rivals on market-maker incentives and product expansion just as both platforms race to capture the same institutional flow.