Kalshi, the largest US contract market prediction platform, is in informal talks with investment banks about a possible public offering, The Information. report Thursday, citing sources familiar with the company’s finances.
The disclosure brings a period of rapid change for the four-year-old company. Kalshi’s annualized income is to cross $ 2 billion – three times its figure for November 2025 – after the increase in sales associated with the NBA games and the FIFA World Cup caused more people to write.
In May, the platform recorded $16.81 billion in monthly sales, up from $14.81 billion in April.
The IPO negotiations are still in the early stages, and no listing is expected until late 2027 or 2028. As part of these negotiations, Kalshi is asking the bank’s prospective advisors to join its platform, a move designed to give the bank’s clients the opportunity to do business directly.
The news reached Kalshi after a few weeks it is closed $1 billion Series F round led by Coatue at a value of $22 billion – doubling the company’s value as of January. The round had participation from Sequoia Capital, Andreessen Horowitz, Paradigm, IVP, Morgan Stanley, and ARK Invest.
Kalshi monster numbers
Kalshi laws more than 90% of the US forecast job market. Its annual revenue rose from $52 billion to $178 billion last year, and corporate sales on the platform jumped 800% in the six months that ended in early May.
The numbers have drawn attention from Wall Street firms looking for new places to send money.
The company was founded in 2020 by Tarek Mansour and Luana Lage, graduates of MIT and Y Combinator, to create a controlled exchange where users can trade on the results of real-world events – from Federal Reserve decisions and economic indicators to sports results and political models.
Over the years, Kalshi to be paid litigation against the CFTC over the right to draft contracts for political activities. It grew at the end of 2024 when a court of law ruled in favor of the company, opening up a market that generates billions in annual sales.
Kalshi plans to invest its latest investment in institutional expansion, including block trading capabilities, new risk products for hedge funds, asset managers, and insurers, and upgrading its infrastructure.
The timing of the IPO will depend partly on market conditions and the strength of Kalshi’s growth. The forecasting market place has attracted competitors, including PolimamarketBut Kalshi’s position as a CFTC-regulated exchange provides advantages in institutional setup that rivals cannot replicate.
If Kalshi goes public in 2027 or 2028 at a price close to its private equity round, it will be among the largest US fintech IPOs in recent years.
