Prediction-market operator Kalshi is in talks to raise fresh capital at a valuation of roughly $40 billion, according to the Financial Times, nearly double the price tag from a round that closed just seven weeks ago.
The Financial Times first reported the talks, citing people familiar with the matter, and CNBC reported the company is sounding out investors for an IPO, but thta it wouldn’t go public this year. The figure is roughly double the $22 billion valuation Kalshi locked in on May 7, when it confirmed a $1 billion raise led by Coatue with participation from Morgan Stanley, Sequoia and Andreessen Horowitz. The $40 billion target is a sought figure, not a closed deal.
The repricing extends one of the steepest private-market climbs in the sector. Kalshi was valued near $5 billion in early 2025 and around $11 billion by December, before the May round at $22 billion. A $40 billion mark would put it roughly eightfold higher in about 18 months.
Volume underwrites the trajectory. Kalshi handled more than $17 billion in trading last month, up from about $5 billion a year earlier, according to the Financial Times report relayed by CNBC. The platform posted $73.5 billion in notional volume over the trailing year, per Token Terminal data, ahead of rival Polymarket.
