Kalshi $40B Funding Round
Prediction Market Kalshi Nears One Billion Dollar Funding Round at Forty Billion Valuation
Anonymous
Kalshi is nearing a roughly $1 billion funding round that would value the prediction-market company at about $40 billion, nearly double its March valuation of $22 billion and almost four times its $11 billion valuation last December. Sequoia Capital and Wellington Management are in talks to lead the round, with Tiger Global and Dragoneer also reportedly considering participation. The financing could be Kalshi’s final private raise before an initial public offering as soon as 2027, though the company has not confirmed a listing timetable. Record trading activity, particularly in sports-related contracts, has helped drive investor interest; Kalshi operates as a CFTC-regulated exchange offering contracts tied to real-world events.
Key Points
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Documents reviewed by Bloomberg showed Kalshi had a gross margin of about 90%, while its annual recurring revenue was approximately $4 billion as of August.
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Dune Analytics data showed Kalshi’s trading volume topped $40 billion in August—about four times its level six months earlier—with activity spiking around major sporting events including American football and the World Cup.
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Unlike traditional sportsbooks, which face state-by-state gambling rules, Kalshi and rival prediction markets can offer services across the United States as financial exchanges overseen by the CFTC.
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Kalshi rival Polymarket is also seeking new financing, reportedly targeting a valuation of about $21 billion in a round led by 1798 Capital.
Sentiment
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