Kalshi in talks to raise at $40bn valuation as IPO discussions progress

Prediction market Kalshi is in talks to raise funds at a $40 billion valuation, according to a June 24 Financial Times report, roughly doubling the $22 billion valuation from its $1 billion Series F round in May. The fundraising discussions come as Kalshi has surpassed $2 billion in annualized revenue, with growth driven primarily by sports event contracts, according to earlier June reports. Separately, Kalshi is in early-stage discussions with investment banks about a potential initial public offering, though no timeline or bank names have been disclosed. The IPO exploration follows earlier informal talks and occurs while Kalshi's sports contracts face mounting legal scrutiny from tribal lawsuits and CME litigation over its perpetual futures product.