Prediction markets platform Kalshi has begun preliminary talks with investment banks about a potential initial public offering. Discussions about a possible IPO come amid the company’s rapid growth.
According to The Information, which cited sources familiar with the matter, the company has already held informal consultations regarding an IPO. The report says Kalshi’s annualized revenue has exceeded $2 billion. For comparison, in March, the figure stood at $1 billion.
In May, the prediction markets platform raised $1 billion in a Series F round, bringing its valuation to $22 billion. The round was led by Coatue, with participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest.
Kalshi and its competitor Polymarket remain the largest players in the prediction markets sector. According to The Block, Kalshi’s monthly trading volume reached $16.81 billion in May, compared with $14.81 billion in April. Polymarket, meanwhile, recorded $7.08 billion in volume last month, down from $9.01 billion in April.
Growing pressure
The prediction markets sector is facing growing political and regulatory pressure as it gains popularity ahead of this year’s U.S. midterm elections.
Earlier this week, representatives of the U.S. gaming industry sent a letter to the Senate. They urged lawmakers to include language in crypto market structure legislation that would explicitly ban prediction markets linked to sports and casino-style gambling.
This week, Kentucky became the latest state to file lawsuits against Kalshi, Polymarket, and related entities. Authorities accuse the companies of allegedly operating unlicensed and illegal sports betting and gambling platforms in the state. Other states have already taken similar measures against these platforms.
The rapid growth of prediction markets has also intensified the standoff between federal and state regulators. Several states are trying to restrict or ban such platforms, while the Commodity Futures Trading Commission believes prediction markets fall under its exclusive jurisdiction under the Commodity Exchange Act. The agency has already sued several states over their attempts to restrict the activity of prediction market platforms.
Bets on the 2026 World Cup
Such platforms become especially popular around major sporting events, where audiences actively assess the probabilities of different outcomes — from the results of individual matches to tournament winners.
Users’ attention is now focused on the 2026 FIFA World Cup, which has become a key driver of activity for such services. Before that, notable demand came from markets related to the NBA playoffs, where the high frequency of games and constant changes in the tournament picture kept audience interest elevated.
As a reminder, Kalshi expanded its perpetual futures market.
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