Odaily, citing Cointelegraph, reported that people familiar with the matter said prediction market platform Kalshi has disclosed that it is in contact with investment banks for early and informal discussions about an IPO. The talks are described as preliminary, and a Kalshi spokesperson declined to comment on the matter.
The reported IPO discussions come as prediction market operators continue to face regulatory disputes in the United States. Kentucky has previously sued five prediction markets, including Kalshi and Polymarket, accusing them of operating unlicensed illegal sports betting and gambling platforms. Those allegations place the platforms’ activities within the broader conflict between prediction market products and state-level gambling rules.
The report also noted that at least 17 other states have taken prediction market operators to court. The related disputes involve the regulatory authority of the U.S. Commodity Futures Trading Commission, or CFTC, over event contracts. Kalshi is therefore being reported as engaging investment banks on IPO discussions while also operating amid litigation and jurisdictional disputes involving prediction markets in multiple U.S. states.