Tarek Mansour, the co-founder and CEO of Kalshi, has revealed that the prediction market leader is contemplating a potential initial public offering (IPO). However, he clarified that a public listing in 2026 is off the table, with a more feasible timeline set for 2027 or 2028.
This announcement comes as Kalshi experiences significant growth, recently achieving a valuation of $22 billion following a surge in revenue that tripled to $2 billion.
According to a report from the Financial Times, the company is also in the process of raising new funds that could elevate its valuation to $40 billion. This ambitious target would nearly double its worth in just three months, positioning Kalshi among the highest-valued private firms globally.
In March, Kalshi successfully closed a $1 billion Series F funding round at a valuation of $22 billion. Just a year prior, the company was valued at $2 billion, which increased to $5 billion within four months and reached $11 billion by December 2025.
If Kalshi achieves a $40 billion valuation, it would rank just outside the top 15 unicorns—companies valued at over $1 billion—placing it in proximity to Canva and Prometheus, valued at $42 billion and $41 billion, respectively.
The ongoing fundraising efforts reflect a broader trend where prediction market firms are drawing significant venture capital, with investors increasingly backing Kalshi and, to a lesser extent, Polymarket. However, a higher private valuation does not guarantee an imminent IPO, especially as many companies are choosing to stay private longer.
Excluding Anthropic and OpenAI, which are anticipated to go public later this year, Crunchbase data indicates there are currently six unicorns valued at over $101 billion, along with five more valued between $50 billion and $75 billion.
In a recent CNBC interview, Mansour reaffirmed that discussions about an IPO are ongoing, but he emphasized that a public share sale will not occur in 2026. He mentioned that talks are still in the early stages and did not provide a specific timeline beyond dismissing this year.
“With our financial profile and growth rate, these conversations are necessary,” Mansour stated. “People are starting to inquire about it. We are considering it, but we don’t have a definitive answer yet.”
This interview followed reports suggesting that Kalshi is eyeing a potential IPO in 2027 or 2028 and is engaging with investment banks regarding the management of the offering. There are also discussions about integrating Kalshi's prediction market into a client-facing platform, enabling high-end professional clients to directly engage with the yes/no exchange.