Kalshi in talks to raise at $40 billion valuation, nearly double May mark
Kalshi is in talks to raise fresh funding at a roughly $40 billion valuation, according to the Financial Times, nearly double the $22 billion mark it reached in May when it closed a $1 billion round. The reported figure reflects rapid growth for the regulated prediction market platform, which carried a $5 billion valuation as of last October and has seen trading volume driven by sports betting surpass $17 billion. The fundraising pursuit comes weeks after that prior round and coincides with an escalating federal-state fight over regulation of event contracts. The talks also overlap with reported progress on IPO discussions for the company, whose co-founder Mansour has publicly teased the prospect of going public. No deal terms, investors, or timeline for the new raise were disclosed.
Kalshi must convert its valuation surge into permanent capital before Robinhood's Rothera exchange and competing venues split its retail and institutional flow. A $40 billion price tag locks in investor expectations that require sustained volume growth through the IPO window.
Joins DRW, Wintermute, and IMC building dedicated prediction-market desks for Kalshi and Polymarket as the platform's $40 billion valuation push draws institutional liquidity infrastructure to match.