Prediction-Market Giant Kalshi Reportedly Weighs IPO at $22 Billion Valuation
Kalshi is a Commodity Futures Trading Commission-regulated event-contract trading platform that allows users to trade on the outcomes of elections, economic data releases and sporting events. Its rapid expansion highlights prediction markets' move into mainstream finance, though U.S. states continue to question whether sports contracts constitute unlicensed gambling.
As of July 20, 2026, Kalshi had reportedly begun preliminary talks with investment banks about a potential initial public offering. The company was valued at $22 billion and had surpassed $2 billion in annualized revenue. No listing timetable has been set, while regulation and litigation will be central to investors' assessment of its growth prospects.
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The history behind this eventPolymarket and Kalshi Seek Fresh Funding at $20 Billion Valuations
Polymarket uses blockchain to settle event contracts, while Kalshi is an exchange regulated by the U.S. Commodity Futures Trading Commission. Both allow investors to trade on election, economic and sports outcomes. The companies were valued at $9 billion and $11 billion, respectively, at the end of 2025, making them key indicators of whether prediction markets can enter mainstream finance.
The Wall Street Journal reported on March 7 that Polymarket and Kalshi were each in talks to raise funds at valuations of about $20 billion. Their paths subsequently diverged. On May 7, Kalshi completed a $1 billion Series F round led by Coatue at a $22 billion valuation. Polymarket, meanwhile, was reported on April 20 to be seeking $400 million at a $15 billion valuation.
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