Kalshi prepares for stock exchange debut: first steps towards IPO
The prediction market platform Kalshi, which is gaining momentum in the alternative financial instruments segment, has entered preliminary negotiations with leading investment banks regarding an initial public offering (IPO). This is an important signal of the maturity of the prediction market, which is increasingly attracting the attention of traditional investors.
According to my data, the company is considering going public no earlier than the end of 2027 or 2028. Such a time horizon indicates that Kalshi aims to achieve maximum preparation and build a sustainable business model before entering public markets.
Financial Metrics and Growth Drivers
Kalshi's annualized revenue based on the current run rate has exceeded $2 billion. This is three times higher than in November last year. Such rapid growth is explained by a sharp increase in trading volumes on markets related to major sporting events — in particular, the National Basketball Association (NBA) and the FIFA World Cup.
Such sports contracts are becoming a powerful catalyst for liquidity inflow, attracting both retail traders and institutional participants seeking hedging or speculative opportunities.
My analysis: Kalshi's growth demonstrates that prediction markets are transitioning from a niche hobby into a full-fledged financial sector. However, an IPO in 2027–2028 leaves room for potential competition from cryptocurrency platforms such as Polymarket, which may outpace Kalshi in scaling speed. Investors should closely monitor regulatory risks, which remain a key challenge for the entire prediction industry.