Kalshi raises about $1.12 billion in equity financing, filing says
Kalshi said in an SEC filing Tuesday, August 25, that it has raised about $1.12 billion in equity financing out of a total offering of $1.5 billion. The filing did not name investors or specify use of proceeds. Earlier reporting indicated the platform was in talks to raise $750 million at a $40 billion valuation with Sequoia and Wellington. The completed amount significantly exceeds that target, though valuation terms remain undisclosed.
The $1.12 billion close more than doubles the $750 million target reported a week earlier, which signals Sequoia and Wellington were joined by additional capital or the terms expanded under demand. Kalshi now has fresh capital to defend its Apex API relationship against Gemini's push for exclusive crypto event-contract access. The platform must still prove the Robinhood distribution partnership converts borrowed traffic into locked-in revenue share, not ephemeral volume.
A $1.5 billion total offering ceiling leaves room for a second close that would alter competitor pricing: Polymarket's own $20 billion-plus round now faces a higher benchmark, and DraftKings must show vertical integration beats partnership scale. The undisclosed valuation and investor roster matter less than the speed, which compresses everyone else's fundraising window.