Kalshi IPO plans will not move forward in 2026, after CEO Tarek Mansour confirmed that the prediction market operator will not list.
The delay comes despite growth, with annualized revenue crossing $2 billion and the company’s private valuation reaching $22 billion.
People close to Kalshi’s finances said any public offering is unlikely before late 2027 or early 2028. The company held talks with investment banks.
Revenue Growth Accelerates Since 2025
Kalshi’s annualized revenue has nearly tripled from its level in November 2025. Sports prediction contracts have been the main driver, helped by activity during the NBA playoffs and FIFA World Cup.
Monthly trading volume reached $16.81 billion in May 2026, a 13.5% increase from April. During the opening week of the FIFA World Cup, Kalshi posted $5.1 billion in weekly spot volume. That was described as the largest single-week total recorded by any individual prediction platform.
Institutional activity expanded. Trading volume from institutions rose 800% in the six months through early May. That pushed annualized trading volume from $52 billion to $178 billion.
Fundraising Meets Legal Pressure
The delayed IPO discussion follows a major fundraising run. Kalshi closed a $1 billion round in May 2026 led by Coatue. Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest also participated.
Since June 2025, the company has raised $2.685 billion across five funding rounds. Regulatory disputes remain a major overhang.
Kentucky filed a lawsuit this week against Kalshi and Polymarket, alleging they operated unlicensed sports betting platforms. Similar claims have emerged in Ohio, Nevada, New Jersey, New York, and Illinois.
The CFTC has entered related proceedings, arguing that federally regulated event contracts fall under its exclusive jurisdiction. A New Jersey court sided with Kalshi in April 2026. Still, the issue is widely expected to reach the Supreme Court.
Gaming groups, including the American Gaming Association and Indian Gaming Association, have pushed Congress to restrict sports prediction markets under federal derivatives rules. Some estimates place sports contracts at up to 90% of Kalshi’s revenue.
Crypto IPO Market Shows Signs of Cooling
Kalshi is among several crypto-adjacent firms delaying listing plans in 2026. Consensys pushed its IPO to at least fall 2026. Kraken suspended its billion-dollar offering after filing in late 2025. Ledger also paused a planned $4 billion listing.
BitGo remains the only crypto-native company to complete a U.S. IPO this year. By mid-May, its shares traded about 36% below the $18 offering price.
Bitcoin weakened in 2026, losing one-third of its value and trading below $60,000 on June 24. Bitcoin ETFs recorded more than $3.1 billion in net outflows this year, while investor capital shifted toward AI and semiconductor stocks.
