Kalshi has started early internal discussions about a potential IPO, according to CEO Tarek Mansour, who confirmed the plan in an appearance reported by CNBC. He also made one point clear: the company will not go public in 2026.
The prediction market platform recently closed a $1 billion Series F round, lifting its valuation to $22 billion. That marks a sharp jump from the $2 billion valuation reported at the end of June 2025. Kalshi’s annualized revenue has also passed $2 billion, with trading activity continuing to expand.
IPO discussions have begun, but no final decision yet
Mansour said conversations about an IPO were inevitable given the company’s current financial position and growth rate. He said people are already asking the question frequently, and Kalshi is thinking about it, though no decision has been made.
His comments align with a recent report from The Information, which said Kalshi has already held preliminary talks with investment banks about a possible listing. That report said the earliest realistic timeline for a public debut would be late 2027 or 2028.
Institutional push brings tighter focus on insider trading controls
Kalshi’s rise has largely been driven by retail users, but the company is now trying to expand deeper into Wall Street. To attract institutional capital, it is building products and features aimed at professional market participants. That effort comes with a clear condition: the platform needs stronger safeguards around market integrity.
Mansour said Kalshi has introduced stricter KYC procedures, requires traders to disclose employer information, and has pursued legal action against individuals suspected of insider trading. He described insider trading as a difficult issue, but said it is not impossible to address.
Regulated prediction markets gain more attention
Kalshi operates under the oversight of the US Commodity Futures Trading Commission, allowing users to place real-money trades on outcomes tied to elections, sports events, and economic indicators. With its valuation surging and its business shifting toward institutional markets, the company’s IPO path is becoming a closely watched topic in fintech and prediction markets.