KALSHI'S ANNUALIZED REVENUE IS ABOVE $2B: NYT

Kalshi, a regulated prediction market exchange, has surpassed $2 billion in annualized revenue, according to Sacra, a financial data provider. This figure marks a significant increase from approximately $735 million in December 2025 and $25 million in December 2024, driven primarily by surging trading volume in sports-related markets. The NBA and World Cup events contributed heavily to this growth, pushing Kalshi well beyond its November 2025 revenue projections of $600 million–$700 million in annualized net revenue.

Kalshi’s revenue model is volume-driven, with monthly spot volume rising from $226 million in December 2024 to $17.9 billion by May 2026. The platform generates revenue through exchange-style fees on trading volume, rather than traditional sportsbook hold, and has seen sports betting account for more than 90% of activity in recent months.

In May 2026, Kalshi raised $1 billion in Series F funding round at a $22 billion valuation, led by Coatue and including participation from Sequoia, Andreessen Horowitz, and Morgan Stanley. The company has also engaged in informal discussions with banks regarding a potential initial public offering (IPO).