Top executives at Kalshi have engaged in early, informal talks with investment banks about a future IPO, The Information reported today, citing people close to the company’s financials.
The interest follows a sharp run-up in business at the top prediction market company, which is generating annualized revenue north of $2 billion, about three times what it was in November, after a wave of NBA and World Cup betting boosted trading volume.
As part of the IPO discussions, Kalshi is asking prospective advisers to integrate with its platform, giving banks’ institutional clients access to trade on it, according to the report.
Any public listing is still likely at least a year away, with late next year or 2028 the expected timeframe.
The latest development comes as the prediction market platform reached a $22 billion valuation after closing a $1 billion financing led by Coatue and supported by investors including Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest.
