Kalshi is in talks to raise fresh funding at a valuation of about $40 billion, less than two months after completing a $1 billion round that valued the company at $22 billion.
The new financing could close as early as the third quarter, according to a Financial Times report citing people familiar with the discussions.
A $40 billion valuation would represent an increase of nearly 82% from the company’s previous round and eight times the $5 billion valuation it carried earlier in 2025.
Kalshi was valued at $11 billion in December before doubling that figure through its latest financing in May.
The previous round included Coatue, Sequoia Capital, Andreessen Horowitz and Morgan Stanley.
