Kalshi valuation nearly doubles to roughly $40 billion in pre-IPO round
Kalshi Inc. is in final negotiations for a pre-IPO funding round that would value the CFTC-registered prediction market at roughly $40 billion, according to Bloomberg. The new valuation nearly doubles the platform's price tag from just four months prior. The fundraising comes as Kalshi broadens beyond prediction markets into a multi-asset trading platform and scales its user base and contract offerings. No specific raise amount is reported in the available sources.
Every venture dollar that flows to Kalshi at this price is a dollar not available to Polymarket or Novig. Sequoia and Wellington's co-lead on the Kalshi round signals that top-tier firms now treat CFTC-registered event contracts as a winner-take-most category, not a speculative side bet. Novig's $2 billion valuation suddenly looks thin by comparison.
Robinhood's equity stakes in partner platforms bring no direct regulatory license to compete. Kalshi's war chest would fund margin-trading expansion and state-by-state legal defense. The first platform to deploy fresh capital into NFL season user acquisition will set the cost structure everyone else must match or exit. Competitors must now prove they can convert funded accounts more efficiently than Kalshi can buy them.
Latest in a three-way capital race among Kalshi, Novig, and Polymarket that has seen each platform announce major valuations or funding targets in under a week, with Sequoia and Wellington's co-lead on the Kalshi round underscoring venture's view of CFTC-registered event contracts as a winner-take-most category.