Kalshi could be valued at about $30.4 billion under PitchBook's base case, with an optimistic scenario reaching $42.1 billion and a bearish case putting valuation near $22.8 billion. The prediction-market platform completed a $1 billion Series F financing in May at a post-money valuation of $22 billion. PitchBook projects Kalshi will generate $6.4 billion in revenue and $3.7 billion in adjusted earnings by 2030, although some financial figures are estimates because Kalshi is private. Regulatory uncertainty surrounding sports prediction markets is a key valuation variable: sports contracts account for 69.9% of Kalshi's event fees this year, rising to 82.4% when parlay-style bets are included. Lawsuits challenging the legality of sports event contracts are underway in multiple U.S. states.