Kalshi revenue tops $2B as banks explore IPO integration

**Kalshi in Early IPO Talks, Revenue Tops $2B**

Prediction-market platform **Kalshi** has reportedly held informal discussions with investment banks about a potential IPO, The Information reports. Any listing is likely a year or more away, but the revenue figures show why Wall Street is paying attention.

Kalshi’s annualized revenue run rate has climbed above **$2 billion**, triple late-2025 levels. The surge is driven by sports-linked event contracts, with the NBA and FIFA World Cup bringing mainstream volume into what was once a niche product.

A key detail: banks seeking IPO advisory roles were reportedly asked to integrate directly with Kalshi’s platform for institutional trading access — turning the relationship from a fee-based advisory to an operational partnership.

This approach could make prediction markets a distribution channel for financial institutions, not just consumer trading venues. Growth comes amid regulatory scrutiny over whether such contracts are futures, swaps, or another category entirely.

Talks remain early, and no IPO has been announced. But liquidity, institutional interest, and regulatory debates are pushing prediction markets closer to mainstream capital markets — a shift relevant to both traditional finance and crypto derivatives traders.