Kalshi Reportedly Opens Early IPO Talks as Betting Volume Surges

Kalshi, one of the largest prediction market and betting platforms, has reached an annual revenue run rate of more than $2 billion and has begun informal talks with investment banks about a possible public offering, according to The Information.

The report said Kalshi has seen a sharp jump in activity in recent weeks, with annualized revenue tripling since last November. The growth has been driven largely by a surge in sports betting tied to the NBA playoffs and the start of the World Cup. In May, betting volume on the platform rose 13.5% from the prior month to $16.81 billion.

During the first week of the World Cup, betting volume across all platforms reached $8.7 billion, including $5.1 billion on Kalshi alone. Against that backdrop, the company has started discussions about an initial public offering, though sources said the talks with banks are still at an early stage.

Those sources added that a listing is not expected before late 2027 or early 2028. Kalshi is also asking banks to integrate with its platform so institutional investors can buy its betting contracts. In May, the company completed a $1 billion funding round at a $22 billion valuation, led by Coatue with participation from Sequoia, Andreessen Horowitz, IVP and Morgan Stanley. Since June 2025, it has raised a total of $2.69 billion.