Prediction-market platform Kalshi has crossed $2B in annualized revenue, roughly 3x since November, and has opened early, informal IPO talks with investment banks.

The surge was driven by traders betting on the World Cup, fresh off a $1B Series F that valued Kalshi at $22B.

It comes fresh off a $1 billion Series F that valued Kalshi at $22 billion, backed by Coatue, Sequoia, a16z and ARK — with any IPO still likely a year or more away amid state-level legal fights.