Yesterday, when Figma (FIG) made its debut on the New York Stock Exchange, shares opened at $33. By the end of the day, they had climbed to $115.50, a 250% gain.
You don’t need to be an investment banker to see why IPOs turn heads. But to actually get in early, you pretty much have to be one. Pre-IPO shares are usually set aside for big institutions and wealthy clients with connections. So, you and the other guys at the halfway house aren't exactly first in line.
But now, for the first time ever, anyone can trade on IPOs before they happen thanks to Kalshi's new IPO prediction markets. Here's what you need to know.
This is an opinion, and is not financial advice. The author uses a pseudonym and cannot trade on Kalshi.
8.1.25
Thanks to Kalshi, you don't have to work at a hedge fund to get early access to the next wave of generational companies before the IPO gates open.
Now, traders of all stripes can take a position on if and when companies like Klarna, Databricks, Stripe, Anduril, Ramp, & SpaceX will go public.
Here's a closer look at just a few of the IPO prediction markets we have to offer (click here to see them all).
Note: These markets are brand new, so forecasts may change quickly as volume increases.
8.1.25
Company Name: Space Exploration Technologies Corp.
CEO: Elon Musk
Current Value: $400 billion
SpaceX is the world leader in commercial spaceflight, satellite deployment (via Starlink), and is at the forefront of efforts to colonize Mars. It's also the only company on this list that has launched a car into space.
IPO Forecast: According to our current forecast, there's only a 20% chance the company goes public by mid-2027. But that could change on a dime, depending on what the machine elves tell Elon.
8.1.25
Company Name: Discord Inc.
CEO: Jason Citron
Current Value: $15 billion
Discord is a voice, video, and text communication platform popular with gamers, online communities, and zoomers who are afraid to leave their homes. Known for its customizable servers and low-latency chat, it’s become a central hub for both casual hangouts, professional collaboration, and the occasional classified military document dump.
IPO Forecast: There is currently a 30% chance that Discord announces plans to go public this year. There's also a 63% chance a stranger on Discord calls you a homophobic slur before the end of Q3.
8.1.25
Company Name: Stripe, Inc.
CEO: Patrick Collison
Current Value: $91.5 billion
Stripe builds online payment infrastructure for the internet, powering transactions for everyone from indie developers to Amazon. In other words, it’s one of the main reasons you’re broke, and at least partially to blame for all the plastic crap from China cluttering up your house (not to mention the microplastics now living rent-free in your scrotum). But hey, that’s commerce!
8.1.25
Company Name: Klarna Bank AB
CEO: Sebastian Siemiatkowski
Current Value: $15 billion
Klarna is a Swedish fintech company specializing in online payments and consumer credit. Its 'buy now, pay later' service allows users to split purchases into installments, making it a popular choice for e-commerce retailers as well as your cousin with no credit and five ferrets.
IPO Forecast: There is currently a 74% chance that Klarna announces an IPO before the end of the year. No word yet on if they'll allow you to pay for shares in 4 easy installments.
Company Name: OpenAI, Inc.
CEO: Sam Altman
Current Value: $300 billion
OpenAI is known for developing advanced AI models, including ChatGPT. The company was originally founded as a non-profit, but quickly switched to a capped-profit model after CEO Sam Altman asked ChatGPT to explain what the term "non-profit" actually meant.
IPO Forecast: Currently, there's a 17% chance OpenAI announces an IPO before June of 2027. There’s also a roughly 23% chance that OpenAI achieves AGI before then, in which case an EMP or WW3 might be more likely than an IPO.
Click here to see all of our IPO markets, as well as our new mergers and acquisitions markets.
Follow Terry Oldreal on X: @realoldterry
The opinions and perspectives presented in this article belong solely to the author, who is using a pseudonym and cannot trade on Kalshi. This is not financial advice. Trading on Kalshi involves risk and may not be appropriate for all. Members risk losing their cost to enter any transaction, including fees. You should carefully consider whether trading on Kalshi is appropriate for you in light of your investment experience and financial resources. Any trading decisions you make are solely your responsibility and at your own risk. Information is provided for convenience only on an "AS IS" basis. Past performance is not necessarily indicative of future results. Kalshi is subject to U.S. regulatory oversight by the CFTC.