Kalshi in Early IPO Talks with Investment Banks: Report

Kalshi is reportedly in early, informal talks with investment banks about a potential initial public offering after the platform surpassed $2 billion in annualized revenue. A spokesperson for Kalshi declined to comment. Sports betting contracts now make up more than half of Kalshi’s weekly notional trading volume, with Dune data showing about 53% in that category.

Sport-related contracts were also the leading category on Polymarket, accounting for roughly 69% of its weekly trading volume. Kalshi doubled its valuation to $22 billion after closing a $1 billion Series F funding round led by Coatue Management. Regulatory pressure is mounting: Kentucky sued five prediction markets, including Kalshi and Polymarket, accusing them of operating unlicensed sports betting platforms, and at least 17 other states have taken operators to court.

State authorities argue sports event contracts require state-level licenses, while prediction markets maintain the contracts are swaps governed by federal commodities law.

United States, Kentucky

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