Kalshi Eyes $40B Valuation in New Round Led by Sequoia, Wellington
The prediction market is reportedly in advanced talks to raise roughly $1 billion, less than five months after closing a Series F at a $22 billion valuation.
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Kalshi is in advanced negotiations to raise about $1 billion at a $40 billion valuation, according to Reuters, which cited people familiar with the matter. That would mark an 82% step up from the $22 billion the prediction market platform was worth in May.
Sequoia Capital, already a backer, and Wellington Management are in talks to lead the round, the report says. Tiger Global Management and Dragoneer Investment Group could also participate.
Prediction markets let users trade contracts that pay out based on the outcome of real-world events, with prices functioning as odds. Kalshi has operated under US Commodity Futures Trading Commission oversight since winning a landmark court case against the agency in 2024 over its election contracts, a fight that cleared the way for legal event trading in the country.
The company's last raise, a $1 billion Series F announced in May, valued it at $22 billion — double its worth the previous December. Four months later, it is reportedly seeking to almost double that figure again.
Word that Kalshi was hunting for a $40 billion valuation surfaced in June, when the Financial Times reported the company was in talks and could close a deal as early as the third quarter of 2026. The Reuters report on Tuesday suggests those talks are now at an advanced stage.
Kalshi did not respond to a request for comment from Cointelegraph, and neither did Sequoia Capital, Wellington Management, Tiger Global Management or Dragoneer Investment Group.
If completed as described, the deal would rank among the largest private fundraising rounds in the digital-asset sector this year and would place Kalshi's valuation above that of several listed exchanges. Prediction markets have drawn surging volumes amid a crowded 2026 US election cycle, with Kalshi competing against Polymarket, which operates offshore and has moved toward a US return.
The reported terms remain unconfirmed and could change. Reuters reported the talks are advanced, not closed, and none of the parties named have publicly acknowledged the round.
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