Kalshi eyes $750M funding round that would nearly double its valuation to $40B

Kalshi, the dominant US prediction market platform, is in advanced negotiations to raise at least $750 million in fresh funding at a valuation of roughly $40 billion. That would represent an almost 82% jump from the $22 billion price tag it carried just months ago, when it closed a $1 billion Series F round in May 2026.

The money and the math

Sequoia Capital and Wellington Management are among the investors reportedly involved in the funding discussions. Wellington would be a first-time investor in Kalshi if the deal closes.

The company was valued at approximately $5 billion as recently as October 2025. It then jumped to $22 billion with its Series F just seven months later. Now it’s gunning for $40 billion.

Kalshi reported annualized revenue nearing $4 billion earlier in 2026, driven by an annualized trading volume of roughly $178 billion. The company holds a commanding 95% share of the US prediction market.

Sports betting in prediction market clothing

The majority of the platform’s trading volume comes from contracts tied to sporting events. Several states, including Nevada, New Jersey, and Maryland, have issued cease-and-desist letters to Kalshi over its sports-related contracts. Kalshi operates under the oversight of the Commodity Futures Trading Commission, which granted it approval to offer event-based contracts.

In June 2026, CEO Tarek Mansour confirmed that an IPO is under consideration, with a potential public listing targeted for 2027.

The competitive landscape

Kalshi’s primary competitor is Polymarket, the crypto-native prediction market that gained significant mainstream attention during the 2024 US presidential election. Polymarket was last reported to be in funding discussions at a valuation around $15 billion, less than half of what Kalshi is now targeting.