Kalshi prepares for stock exchange debut: prediction platform begins IPO negotiations
The prediction market Kalshi, which has become one of the main beneficiaries of the growing interest in alternative financial instruments, has entered the early stages of negotiations with investment banks regarding an initial public offering (IPO). Although the exact timeline for going public has not yet been determined, the most likely window is considered to be late 2027 or 2028.
The platform's financial performance is impressive: Kalshi's annualized revenue, based on the current run rate, has already exceeded $2 billion, roughly three times the figures from November last year. This rapid growth is driven by a sharp increase in trading volumes on markets related to the National Basketball Association (NBA) and the upcoming FIFA World Cup.
Kalshi, which positions itself as a regulated platform for event contracts, has managed to attract a significant pool of traders thanks to its legal status in the United States. Unlike many cryptocurrency counterparts, it operates under the oversight of the Commodity Futures Trading Commission (CFTC), which adds credibility among institutional investors.
My analysis shows that Kalshi is not just expanding its user base — it is creating a fundamentally new class of assets where forecasting sports and political events becomes a full-fledged investment tool. If the current growth rate continues, by the time of a potential IPO, the platform could become one of the largest players in the derivatives market, challenging traditional exchanges.