Its Investors Say Kalshi Is Worth $40 Billion. Is an I.P.O. Next?
Published . Updated .
The prediction market raised $1 billion in a new funding round and landed a market value almost double that of rival Polymarket. But legal challenges to its business persist.
Directly affected
- No company is named in this report.
Indirectly affected
- IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF
iShares U.S. Broker-Dealers & Securities Exchanges ETF: it holds exchanges and brokers. Linked by “kalshi” (exchanges and trading) in this story.
- CME CME Group+7.3% 9d
CME Group (security and commodity brokers, dealers, exchanges and services): exchanges and brokers earn more when trading activity grows. Linked by “kalshi” (exchanges and trading) in this story.
- ICE Intercontinental Exchange+1.7% 30d
Intercontinental Exchange (security and commodity brokers, dealers, exchanges and services): exchanges and brokers earn more when trading activity grows. Linked by “kalshi” (exchanges and trading) in this story.
- CBOE Cboe Global Markets+14.4% 30d
Cboe Global Markets (security and commodity brokers, dealers, exchanges and services): exchanges and brokers earn more when trading activity grows. Linked by “kalshi” (exchanges and trading) in this story.
- NDAQ Nasdaq+15.7% 30d
Nasdaq (security and commodity brokers, dealers, exchanges and services): exchanges and brokers earn more when trading activity grows. Linked by “kalshi” (exchanges and trading) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| IAINo price data for this ticker | — | — | — | — | — | — | — |
| CMENo price data for this ticker | — | — | — | — | — | — | — |
| ICENo price data for this ticker | — | — | — | — | — | — | — |
| CBOENo price data for this ticker | — | — | — | — | — | — | — |
| NDAQNo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Market Call
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The prediction market raised $1 billion in a new funding round and landed a market value almost double that of rival Polymarket. But legal challenges to its business persist.
Source: The New York Times
Trades by members of Congress and officials in the stocks in this story
- Donald J Trump, an executive branch official, bought Cme Group (CME), worth $15,001 - $50,000 on 17 Aug 2026. That is 73 days before publication. Filed 8 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, sold Cme Group (CME), worth $1,001 - $15,000 on 10 Aug 2026. That is 80 days before publication. Filed 8 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Cme Group (CME), worth $15,001 - $50,000 on 31 Jul 2026. That is 90 days before publication. Filed 22 Sep 2026. View the filing.
- Sen. John Boozman sold Cboe Global Markets (CBOE) (jointly held), worth $1,001 - $15,000 on 31 Jul 2026. That is 90 days before publication. Filed 17 Aug 2026. View the filing.
- Rep. April McClain Delaney sold Nasdaq (NDAQ) (held by a dependent child), worth $100,001 - $250,000 on 25 Aug 2026. That is 65 days before publication. Filed 9 Sep 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
This story
25 out of 100
“Its Investors Say Kalshi Is Worth $40 Billion. Is an I.P.O. Next?” scores 25 out of 100. The score uses 2 sources.