Is Kalshi Likely to IPO in 2026?

Prediction markets have driven a lot of attention. These platforms allow prospective investors and speculators to trade on the outcomes of real-world events ranging from sporting events to elections to even weather-related events.

One of the more prominent prediction market has become Kalshi. Although some analysts worry it blurs the line between investing and gambling, it has become highly successful.

With that, its performance has naturally led to questions as to whether the company will launch an IPO and begin trading on the stock market in 2026.

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Kalshi and a possible IPO

As of now, Kalshi remains a privately held company that has not publicly announced plans to launch an IPO in 2026 or any other time.

In a sense, this should not surprise anyone, as companies tend to wait longer to launch IPOs than in the past. For example, Google parent Alphabet launched its IPO in 2004, six years after its founding.

Unfortunately for stock investors, the regulatory requirements of operating as a public company have risen over the years, and that appears to have discouraged early IPOs. That may be why Airbnb waited until 2020, 13 years after its 2007 founding, to introduce its stock.

From that standpoint, the prospect of an IPO for Kalshi in 2026 appears less likely. Tarek Mansour and Luana Lopes Lara founded it in 2018, eight years ago, making its decision to stay private consistent with other companies in today’s business environment.

Moreover, the company has succeeded in obtaining needed capital from private markets. Kalshi announced a $1 billion Series E funding round in December. It claimed an annualized trading volume of $70 billion, achieving an 8x volume increase between July and the December announcement.

That valued Kalshi at $11 billion, meaning it would fit the definition of a large-cap stock if it were public. Such levels would give it a perception of safety, but will likely not offer the growth potential of a stock like Netflix, which was a small-cap stock at the time of its 2004 IPO.

Will Kalshi launch an IPO in 2026?

Given Kalshi’s success in the private markets and a recent trend to launch IPOs as larger companies, investors should not expect a Kalshi IPO in 2026.

Indeed, with its trading volume rising eightfold since July, one can understand the desire to own a part of this company.

Unfortunately for stock traders, Kalshi appears to have secured funding without going public, and in a more highly regulated environment, it has less incentive to launch an IPO in 2026.

Admittedly, fast-growing companies tend to eventually go public, even in today’s environment. That gives investors hope that they can trade Kalshi stock in the future.

Still, with the company’s size already in large-cap territory, even a 2026 IPO might not happen quickly enough for growth investors.