Kalshi is in early-stage discussions with investment banks about a potential initial public offering (IPO) after recent growth in revenue and trading activity, according to a report from The Information on Friday.
Citing unidentified sources familiar with the matter, The Information reported that the prediction market platform’s conversations with banks remain informal and preliminary, and that any public listing is likely more than a year away
Some sources suggested a potential timeline extending into late 2027 or 2028. The Information report noted that the company has not filed publicly, selected underwriters or set a formal IPO timeline. The report comes amid a sharp expansion in Kalshi’s business.
The company has reportedly surpassed $2 billion in annualized revenue, up from more than $1.5 billion as of May 2026. Annualized trading volume has also climbed to approximately $178 billion, after more than tripling over the past six months. Founded in 2018 by Tarek Mansour and Luana Lopes Lara, Kalshi operates as the largest US CFTC-regulated prediction market exchange.