Kalshi Holds IPO Talks with Investment Banks as Revenue Accelerates
Prediction market operator Kalshi has reportedly entered into discussions with several investment banks over a potential initial public offering (IPO), according to sources familiar with the matter.
Kalshi’s talks with investment banks have been spurred on by its growing revenue. The prediction market operator has now passed $2 billion in annualized revenue, a massive increase from the $1 billion reported in March.
In May, Kalshi completed a $1 billion Series F funding round, valuing the business at $22 billion. The financing was led by investment firm Coatue and included several other investors, including Sequoia Capital, Andreessen Horowitz, and Morgan Stanley.
Kalshi remains one of the biggest players in the prediction market sector alongside rival Polymarket.
According to data from The Block, the group recorded $16.81 billion in trading volume in May, up from $14.81 billion in April, while Polymarket reported $7.08 billion in the same month, down from $9.01 billion generated in April.
