Kalshi

11/2026. Kalshi is preparing for an eventual initial public offering, though not before 2027. Co-founder and CEO Tarek Mansour has acknowledged that the company has discussed a listing but said it will not take place in 2026; no filing, venue, underwriters or target valuation have been announced. The planned $65bn private round would set a valuation benchmark ahead of any offering. The main risk to the timeline is regulatory: at least 22 US states dispute Kalshi’s position that its sports contracts are swaps rather than gambling, and 38 state attorneys general have backed a lawsuit arguing that prediction markets cannot ignore state gambling laws. The CFTC, by contrast, maintains that these products fall under its exclusive federal jurisdiction.

Kalshi has publicly confirmed it is in the early stages of planning an IPO, though not imminently. In a CNBC "Squawk Box" interview on June 24, 2026, co-founder and CEO Tarek Mansour ruled out a 2026 listing but said a public offering was a natural conversation given the company's growth, stating: "A company of our financial profile with the rate of growth that we're seeing, that sort of conversation has to happen." Reporting from The Information indicates a listing is unlikely before late 2027 or 2028, and the company has begun preliminary talks with investment banks about managing the offering. Ahead of any IPO, Kalshi has been working to address insider-trading concerns — a key hurdle to winning over Wall Street — through KYC verification, checks on traders' employers, and legal action against specific individuals.