Kalshi, the federally regulated US prediction market, has started informal talks with investment banks about a possible IPO. These conversations are still early. They don’t signal a formal listing filing yet, but they come as Kalshi’s business has ramped up rapidly.
The key driver is revenue. Kalshi’s annualized figure has now passed $2 billion, a huge step up tied to a surge in user trading. The company also recently closed a $1 billion fundraising round at a private valuation of $22 billion.
At this stage, the IPO angle is not only about raising capital. Kalshi may also view a listing as a way to widen institutional distribution. That would put investor appetite to a real test: are public-market investors prepared to treat event markets as a durable financial business, or do they still see them as a niche corner of derivatives trading? If an IPO moves ahead, it would offer a rare direct look at how sustainable this revenue is under federal oversight.
It’s still early, companies often explore listing options long before anything is finalized, and Kalshi’s recent fundraising means it is well resourced for now. The immediate checkpoint is whether Kalshi moves from informal talks to hiring underwriters and preparing filings, or decides to stay private for longer.