Prediction market Kalshi is generating more than $2 billion in annualized revenue, up about three times from November, as traders betting on NBA and World Cup games drove a surge in trading volume, according to people familiar with the company’s financials.

Kalshi’s fast growth has led its top executives to hold informal conversations with investment banks about an eventual public offering. The eight-year-old startup wants banks seeking to advise it to integrate with Kalshi, which would allow institutional clients of banks to trade on its platform, one of the people said. The talks are early, and the company is unlikely to list until late next year or even 2028.