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Kalshi is reportedly in talks to raise at least $750 million at a staggering $40 billion valuation as prediction markets continue their breakneck expansion into the financial mainstream.
What’s the Scoop?
- Another Monster Raise: Sequoia Capital and Wellington Management are in advanced talks to lead the round, according to The Information, with the final raise potentially exceeding $750 million. The $40 billion valuation would nearly double the $22 billion valuation Kalshi secured just three months ago when it raised $1 billion in May.
- Pulling Away From Polymarket: The proposed valuation would also put Kalshi at roughly twice the valuation Polymarket is currently seeking. Polymarket raised $1 billion at a $15 billion valuation in April, including a $600 million investment from NYSE parent Intercontinental Exchange, and is already back in talks to raise another roughly $1 billion at a valuation above $20 billion. Kalshi is also reportedly generating around $4 billion in annualized revenue compared with $1.1 billion for Polymarket.
- IPO Next?: The funding talks come as Kalshi is already considering going public, with CEO Tarek Mansour saying in June that an IPO could come in 2027. Wellington’s involvement is notable here given its history of investing in late-stage companies ahead of public listings. The potential raise would continue an extraordinary funding run for Kalshi, which was valued at just $2 billion in June 2025, then $5 billion in October, $11 billion in December, and $22 billion this May.
