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Kalshi targets $40 billion valuation as prediction market revenue reaches $4 billion run rate

8/12/2026

Prediction markets are moving from the periphery of financial infrastructure into its center.

Kalshi, the US-based event-contract exchange, has reached $4 billion in annualized revenue and is seeking a valuation of $40 billion.

The implied ten-times revenue multiple signals how the private capital market is pricing this category right now.

A revenue milestone that reframes the category The $4 billion annualized revenue figure is the number that anchors this story.