Kalshi in talks to raise funds at $40bn valuation
Prediction market Kalshi is in talks to raise funds at a $40 billion valuation, the Financial Times reported on July 3. The discussions surfaced in coverage of gambling company losses from World Cup betting. Separately, Kalshi recorded nearly $9.4 billion in June trading volume, up roughly 77% from May's $5.3 billion, driven by FIFA World Cup markets, according to DefiLlama data cited by En.cryptonomist.ch on July 5.
The $40 billion target, if achieved, would reset the capital benchmark for every CFTC-registered prediction market. For Polymarket, the gap forces a choice: accelerate its own raise on potentially weaker terms, or cede the institutional capital that underwrites liquidity and market-maker incentives.
Kalshi's nearly $9.4 billion June volume, fueled by World Cup trading, gives it the revenue narrative to justify the multiple and outspend rivals on product expansion. The stakes crystallize this quarter: whoever locks in the larger war chest first will shape whether prediction markets evolve into a parallel asset class or remain a sportsbook sideshow.