Kalshi in talks to raise $1 billion at $40 billion valuation led by Sequoia, Wellington
Kalshi is in advanced talks to raise about $1 billion at a $40 billion valuation. Sequoia and Wellington would lead the round, with Tiger Global Management and Dragoneer also in discussions to participate. The proposed valuation nearly doubles Kalshi's prior $22 billion mark from May. The New York-based, CFTC-regulated prediction market operator has seen repeated valuation jumps as regulated event contracts draw mainstream interest.
Every venture dollar that flows to Kalshi at this price is a dollar not available to Polymarket, Novig, or Robinhood's partner-dependent stack. Sequoia and Wellington's co-lead signals that top-tier firms now treat CFTC-registered event contracts as a winner-take-most category, not a speculative side bet. Kalshi's war chest would fund margin-trading expansion, state-by-state legal defense, and celebrity marketing to match Polymarket's $15 million LeBron James deal.
Novig's parallel $2 billion target suddenly looks thin by comparison, and Robinhood's equity stakes in Crypto.com and OG.com bring no direct regulatory license to compete. The first platform to deploy fresh capital into NFL season user acquisition will set the cost structure everyone else must match or exit.