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Semi-supervised text classification (SSTC) aims to train text classification models with few labeled data and massive unlabeled data. Existing studies develop effective pseudo-labeling methods, but they can struggle with unlabeled data that have imbalanced classes mismatched with the labeled data, making the pseudo-labeling biased towards majority classes, resulting in catastrophic error propagation. We believe it is crucial to explicitly estimate the overall class distribution, and use it to calibrate pseudo-labeling to constrain majority classes. To this end, we formulate the pseudo-labeling as an optimal transport (OT) problem, which transports the unlabeled sample distribution to the class distribution. With a memory bank, we dynamically collect both the high-confidence pseudo-labeled data and true labeled data, thus deriving reliable (pseudo-) labels for class distribution estimation. Empirical results on 3 commonly used benchmarks demonstrate that our model is effective and outperforms previous state-of-the-art methods.