Kalshi has opened informal talks with investment banks about a possible initial public offering, according to a report from The Information published this week.
Key Takeaways:
Kalshi held early IPO talks with banks, per The Information.Kalshi’s annualized revenue run rate topped $2 billion, tripling since November 2025.Coatue led Kalshi’s $1 billion round in May 2026, lifting its valuation to $22 billion.The talks come as Kalshi’s numbers move fast.
Annualized revenue run rate has passed $2 billion, roughly tripling since November 2025. May 2026 notional trading volume hit a record near $17 billion, driven largely by NBA playoff and FIFA World Cup sports contracts. Institutional trading volume jumped 800% over the six months ending in early May 2026, with annualized institutional volume reaching $178 billion. From Retail App to Wall Street TargetKalshi launched publicly in July 2021 after becoming the first federally regulated event-contract exchange in the United States. Founders Tarek Mansour and Luana Lopes Lara built the platform on contracts tied to elections, weather, economics and sports, with sports now making up the bulk of trading activity.
CEO Tarek Mansour has called event contracts a “trillion-dollar market” that could grow large enough to compete with traditional exchanges within a few years.
The institutional push backs that claim with infrastructure. Kalshi completed its first institutional block trade in April 2026, a carbon allowances contract brokered between a Texas hedge fund and a market maker. The company has also added partnerships with Tradeweb, Clear Street, Interactive Brokers and FIS to handle clearing and brokerage for larger players.
Why It MattersState-level legal challenges over sports contracts remain a risk. Several states have argued that Kalshi’s sports markets function as unlicensed sports betting, a dispute still working through courts. That overhang could shape how banks price any future offering.
