Kalshi is in talks to raise funds at a valuation of $40 billion, the Financial Times reported on Wednesday.
The U.S.-regulated prediction market platform could close the new funding round as early as the third quarter of this year, the report said, citing sources familiar with the matter. Kalshi declined to comment on the report.
Kalshi's reported discussions of the upcoming raise follow its $1 billion Series F round disclosed last month, led by Coatue at a $22 billion valuation. The last funding round also included Sequoia Capital, Andreessen Horowitz, and Morgan Stanley as participants.
Kalshi's valuation has rapidly soared in the past year. The company's valuation stood at $5 billion when it raised $300 million in its Series D round in October 2025. Its rival, Polymarket, was last reported to be in talks to raise $400 million at a $15 billion valuation.
Meanwhile, Kalshi is also in early discussions with investment banks for a potential initial public offering, and surpassed $2 billion in annualized revenue, The Information reported last week. The firm's CEO, Tarek Mansour, also confirmed that it is considering an IPO, though he said it will not take place this year.
