Kalshi seeks $1 billion at $40 billion valuation with Sequoia, Wellington
Kalshi is seeking $1 billion in fresh funding at a $40 billion valuation, with Sequoia Capital and Wellington Management among the investors, according to Reuters. The anticipated raise would match the terms Kalshi floated earlier this month and keep its valuation double that of rival Polymarket's recent $21 billion mark. No deal timing or final close date was disclosed. Kalshi and Polymarket are both regulated by the Commodity Futures Trading Commission (CFTC).
Kalshi is now asking for the same $1 billion at the same $40 billion price twice in two weeks. That repetition signals Sequoia and Wellington have not yet committed at the sticker price; the headline is the pitch, not the close. For Polymarket, the window is live: any delay in Kalshi's raise lets Polymarket's own $1 billion round close first and reset the valuation floor. Traders and market makers care because the winner's balance sheet will fund the tighter spreads that pull institutional flow.
Retail users face a softer risk: the funds could burn on brand warfare instead of liquidity. Kalshi's 80 percent U.S. volume share gives it revenue to justify the tag, but a second failed pass at these terms would force a cut that benefits every competitor. The next move belongs to the investors. A signed term sheet this month locks in the $40 billion anchor; silence lets Polymarket's $21 billion mark look prudent by comparison.