No. Kalshi is a private company and has no stock you can buy. Its most recent priced round, a $1 billion Series F in 2026, valued it at $22 billion, double the $11 billion of its late-2025 Series E. By June 2026 reporting put its annualised revenue above $2 billion and its annualised trading volume near $178 billion, and said it had begun preliminary conversations with banks about an IPO, with any listing unlikely before late 2027. Until then, exposure is indirect.
Valuation history
| Round | When | Raised | Valuation | Reported investors |
|---|---|---|---|---|
| Series E | Late 2025 | $1bn | $11bn | Sequoia, a16z, Paradigm and others |
| Series F | First half 2026 | $1bn | $22bn | Reported leads vary by source (TCV / Coatue); Sequoia, a16z, Paradigm, IVP, Morgan Stanley, ARK participating |
Higher figures you may see, including $40 billion, come from secondary-market chatter and reporting about possible future rounds rather than a priced financing.
Revenue
Kalshi earns trading fees (see how). The Information reported in June 2026 that annualised revenue had passed $2 billion, up from about $1.5 billion a month earlier, on volume that had more than tripled in six months. Sports contracts and combos drive most of it, which is also the part of the business under legal challenge in several states.
The IPO question
Banks have been talked to; nothing has been filed. The reported view inside the company is that a listing is more than a year away, pointing to late 2027 or 2028. Three things would plausibly need to settle first: the Supreme Court's handling of the state pre-emption cases, the CFTC's pending rulemaking on event contracts, and a year of audited numbers at the current scale.
How to get exposure now
- Secondary markets: platforms like Forge or EquityZen sometimes list private shares for accredited investors; availability and pricing are opaque.
- Public partners: Robinhood (HOOD) and Coinbase (COIN) route event contracts to Kalshi and earn fees on them; Plus500 clears through Kalshi. None breaks out prediction-market revenue in a way that makes it a Kalshi proxy.
- Competitors with tickers: DraftKings (DKNG), Flutter (FLUT), Gemini (GEMI), ICE (ICE, via Polymarket).
Sources: Crowdfund Insider summarising The Information (June 18–21, 2026); Wikipedia (Kalshi) for round structure. Not investment advice.