PitchBook estimates Kalshi valuation up to $42.1 billion

A 46-page report from PitchBook projects Kalshi's valuation at $30.4 billion in a base scenario, with a high of $42.1 billion and a low of $22.8 billion. Kalshi, which raised $1 billion in a Series F round at a $22 billion post-money valuation in May, is expected by PitchBook to reach $6.4 billion in revenue and $3.7 billion in adjusted profit by 2030. The report highlights that sports prediction markets account for approximately 69.9% of Kalshi's event fee revenue, rising to 82.4% when including exotic products. Regulatory risks surrounding sports prediction markets remain a key variable, as legal challenges regarding the platform's legitimacy are currently pending in federal courts, with potential Supreme Court intervention expected next year.