Meta, Kalshi CEOs previously met to discuss potential acquisition

Meta CEO Mark Zuckerberg met with Kalshi CEO Tarek Mansour in 2025 to discuss a potential acquisition of the prediction markets operator in the midst of its growing popularity, although discussions failed to advance any further than the reported stage. 

Some believe Mansour would not move forward with a sale given Kalshi was quickly rising to multi-billion-dollar valuations, while others shared that the operator’s legal and ethical uncertainty gave Meta pause prior to pushing talks any further. 

While the idea of a Kalshi acquisition by Meta seems to have passed, the organization has still shown plenty of interest in joining the prediction markets space. 

On June 23, reports surfaced of Zuckerberg forming a small team within Meta to begin developing an application similar to Kalshi and Polymarket, currently known as Arena.

Two Meta employees made news outlets aware of the potential development, which would first rely on a video game-esque points system rather than have users wager real money, although Mets is still yet to rule out the possibility. 

Arena is one of “several” applications currently being tested by the organization, and would function independently of social media platforms such as Facebook, Instagram, WhatsApp and Messenger.

In what served as the latest development in Kalshi’s accelerated evolution, Mansour confirmed the operator has entered the early stages of planning a potential initial public offering, likely to be unveiled in late 2027 or 2028.

The Kalshi CEO stated with a “company of our financial profile” and with the “rate of growth that we’re seeing, that sort of conversation has to happen.”

A noteworthy detail of Kalshi’s early IPO stages was the operator requesting that prospective bank advisers integrate within its platform, which would then provide institutional clients with direct trading access.

Kalshi also recently filed a lawsuit in state court against the Ohio Casino Control Commission, following the regulator’s proposal for a $5m fine to be issued against the operator for conducting business without an approved license since January 2025.