Overview
- On Friday, June 19, 2026, reports said Kalshi held informal, non‑binding discussions with investment banks about a possible initial public offering.
- The company has scaled rapidly, reporting an annualized revenue run rate above $2 billion and $16.81 billion in trading volume for May.
- Kalshi closed a $1 billion Series F in May that valued the firm at $22 billion and said institutional trading rose sharply over the prior six months.
- As part of IPO talks Kalshi asked prospective bank advisers to integrate their clients with its platform so institutional customers can trade directly.
- Legal pressure is intensifying: multiple states have sued over alleged unlicensed sports betting and the CFTC has sued states to assert exclusive federal jurisdiction, leaving the regulatory path and IPO timing uncertain.