Prediction market platform Kalshi has disclosed that it is in contact with investment banks for early and informal discussions about an initial public offering, according to people familiar with the matter. A Kalshi spokesperson declined to comment on the report. The information was reported by Cointelegraph and cited by Odaily.
IPO contacts emerge alongside state-level legal disputes
The IPO discussions are described as preliminary and informal, rather than a formal public listing process. The report did not include a statement from Kalshi beyond the spokesperson’s refusal to comment.
The news comes as Kalshi is already involved in legal disputes over prediction market operations in the United States. Kentucky previously sued five prediction markets, including Kalshi and Polymarket, accusing them of operating unlicensed illegal sports betting and gambling platforms.
The dispute extends beyond Kentucky. According to the report, at least 17 other states have taken prediction market operators to court. The related cases involve questions over the U.S. Commodity Futures Trading Commission’s authority to regulate event contracts, as well as how prediction market businesses are treated under state-level gambling rules.