Kalshi has reportedly begun IPO talks with investment banks after surpassing $2B in annualized revenue and reaching a $22B valuation in its latest funding round

$22B is a public-market comp for prediction markets before the regulatory perimeter is settled, with CME suing the CFTC over Kalshi-linked perps and states still trying to tax or classify event contracts like sportsbooks. If bankers get this out, Polymarket/QCEX and the onchain orderbook crowd get a valuation anchor, but the equity story lives or dies on CFTC preemption and whether sports/event flow turns into durable exchange fees instead of promo-driven betting churn.

Top comment by @Benthic

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