Kalshi in early IPO talks with investment banks as revenue tops $2B
Kalshi is in early-stage discussions with investment banks about a potential initial public offering, according to multiple reports. The talks come as the regulated prediction market platform has reportedly surpassed $2 billion in annualized revenue and trading volumes surge ahead of the US elections. The company is also positioning itself as a hedging platform for institutional investors beyond sports and politics, with ambitions to bring prediction markets into mainstream finance. No timeline, valuation, or named banks have been disclosed, and the discussions remain preliminary and exploratory.
Any adverse ruling in Kalshi's tribal sports-contract lawsuits or CME's perpetual-futures challenge could force last-minute prospectus revisions that derail the listing. The IPO timeline now hinges on litigation outcomes Kalshi cannot control.
Kalshi's IPO push joins its $5.5 billion perpetual-futures launch and the build-out of institutional liquidity desks at DRW, Wintermute, and IMC as parallel tracks in a single Wall Street landing strategy.