Kalshi Confirms IPO Plans, Rules Out 2026 Listing at $22 Billion Valuation

2 articles · Updated · CNBC · Jun 24

Kalshi CEO Tarek Mansour said the prediction-market company is in the early stages of weighing an IPO, but its public debut will not happen in 2026.
A $22 billion valuation in May—up from $2 billion at the end of June 2025—has pushed IPO planning onto the agenda as Kalshi’s growth accelerates.
That growth is increasingly tied to Wall Street ambitions: Kalshi is shifting products and messaging toward institutional traders after building momentum with retail users.
Mansour said winning broader institutional adoption requires stronger market-integrity controls, citing employer checks, KYC requirements and enforcement cases aimed at curbing insider-trading concerns.
The Information reported last week that Kalshi had begun early IPO talks, with a listing seen as more likely in late 2027 or 2028.