Kalshi, a platform that runs prediction markets, is in the early stages of contemplating a public listing, CEO Tarek Mansour said Wednesday on CNBC’s "Squawk Box." While the company is weighing an initial public offering, Mansour made clear that Kalshi will not pursue a listing this year.
Speaking about the conversations taking place inside the company, Mansour framed the inquiry as a natural one given Kalshi’s current growth profile. "A company of our financial profile with the rate of growth that we’re seeing, that sort of conversation has to happen," he said. "People start asking that question. And we’re basically thinking about it, but obviously, we don’t have an answer yet."
Mansour did not put a precise timeline on any potential IPO beyond reiterating that one will not happen in 2026. The company has provided two valuation datapoints in recent months: Kalshi’s valuation reached $2 billion at the end of June 2025, and in May the company announced a Series F funding round that increased its valuation to $22 billion.
Concerns about the potential for insider trading on Kalshi’s platform have attracted attention, and Mansour addressed how the company is attempting to manage that risk. He described a set of measures Kalshi has implemented to detect and deter problematic trading activity, including enhanced procedures to identify traders’ employers and the imposition of "Know Your Customer" verification requirements.
In addition to procedural changes, Mansour referenced legal steps the company has taken against individuals as part of its response to insider trading concerns. He acknowledged the difficulty of maintaining market integrity in a prediction-market setting, saying, "It’s a hard problem," and adding, "but it’s not an impossible one."
The CEO’s remarks signal that, while an IPO is under consideration, the company is taking steps to shore up controls and legal recourse before moving forward. Kalshi’s trajectory and the questions it raises about governance and integrity will likely shape any future decision about whether and when to seek a public listing.
Direct comments quoted from Mansour on CNBC’s "Squawk Box" are included above.