Kalshi raises $1.12 billion of $1.5 billion equity offering, SEC filing shows
Kalshi has raised $1.12 billion through a private equity offering that began in April, according to an August 25, 2026 SEC filing. The amount represents roughly three-quarters of a broader $1.5 billion offering, leaving about $380 million still available. The filing lists 71 investors and states the company is relying on an exemption that permits certain private offerings without SEC registration. The fundraising activity began in April and was disclosed just days after reports that Kalshi was seeking fresh capital at a $40 billion valuation.
The $1.12 billion in committed capital gives Kalshi a war chest to defend its market position on multiple fronts simultaneously. Polymarket just expanded its Sportradar data partnership to cover 20-plus leagues, while Novig opened with $125 million in first-week sports volume that reset liquidity expectations. Kalshi needs this funding to match those competitive moves and to defend its MLB team deals in court against state attorneys general who have already halted trading in Washington.
The remaining $380 million in authorized but unsold equity means Kalshi can return to investors quickly if burn accelerates. For prediction market operators, the round signals that venture and private capital continues to favor CFTC-regulated venues at scale. That funding access becomes a competitive moat smaller platforms cannot cross.